Less than a week after hitting the market, the Malibu Road concrete bunker once owned by Kanye West is in contract for more than $30 million. The buyer is an investor group led by Andrew Mazzella, a Montana-based luxury home developer, who plans to restore the 4,000-square-foot Tadao Ando-designed property to its original state before relisting it for $55 million to $65 million.
The seller, Belwood Investments, purchased the beachfront home for $21 million last year after West — who bought it in 2021 for $57.3 million — gutted and abandoned the structure. Belwood, led by Steven “Bo” Belmont, began an $8.5 million investor-funded restoration project in January but opted to test the selling market before completion and before expensive design elements were installed. Belmont said the contract price, between $30 million and $34 million, would yield a roughly 20% return for investors in just five months.
Mazzella, a former commercial fisherman turned developer, sees the acquisition as his entry into the elite Los Angeles area luxury market. A longtime admirer of Ando’s work, he has followed the property for months and is relocating to Malibu to oversee its restoration. The sale is set to close on May 1. The listing was handled by The Oppenheim Group and The Agency, with Amanda Lynn representing Mazzella in the deal.