Two creators have a very publicly announced agreement to purchase a Malibu Beach House, which has been loudly inflated by rapper Kanye West After the home was sold, it became an unpleasant espionage a few months after it was announced.
In March Steven Bo BelmontBelwood Investment CEO “Real Estate Financing Company” announced that it submits Then Ando-Backed Beach House back to the market with $ 39 million.
A few days later, he revealed that he had concluded an agreement with Montana -based creator Andrew MazzellaSaying the Wall Street Journal that he agreed to sell the house $ 30 to $ 34 million.
At that time, both Mazzella and Belmont confirmed that they expected the agreement to be completed by the beginning of May.
However, the status of the house list remained awaited for several weeks – before that the property was suddenly returned to the market earlier this month, with a lower price of $ 34.9 million. USD, as Realtor.com® first reported.
Stephen Bo Belmont agreed to sell the former Kanye West’s Malibu Beach House for Creator Andrew Mazzella for $ 30-34 million until their transaction decreased.
Belmont bought real estate from the West for a significant decrease in $ 21 million. USD price in 2024-after, when the rapper completely eradicated the home created by the then Ando.
Now Belmont and Mazzella have somewhat explained the breakdown of their agreement, each claiming that other parties made them mistaken in various aspects of sales.
Speaking to the magazine, Belmont said Mazzella was “massively not qualified” to participate in a real estate transaction, saying that the potential buyer is unable to secure the necessary funding for the property at an agreed price.
Describing Mazzella as the “Montana cowboy”, which was just “trying to do something in Malibu,” Belmont said he had pushed to cancel their contract after the buyer failed to come up with money.
According to Belmont, Mazzella has provided a new $ 19.5 million.
“I was born at night, but not last night,” he whispered, admitting that he wanted more research on Mazzella before agreeing on the agreement: “It was a shame that he didn’t have a proper diligence.”
Meanwhile Mazzella said he too Offered to pay $ 27.5 million.
Mazzella says that he believes Belmont intends to continue the restoration of his property until their agreement was completed, only to find out that the work ended in April.
According to the creator of Montana, the project needed “hundreds of thousands, maybe millions” more than he initially thought-lines, which only came after he said “the seller’s slowly lasted information” within a few months after the agreement was concluded.
After Belmont bought the property, he promised to restore it in initial glory.
However, just months after he began to restore, Belmont brought home the house for $ 39 million.
Despite the fact that he agreed to sell Mazzella home, Belmont has now returned the property to the market, stating that the prospective buyer could not secure the financing of the purchase.
He also stated that Belmont Belwood was unable to share detailed information about the approximately 500 countries related to the initial investment in the beach home, which allocated lenders to give him money to fund his purchase.
However, Mazzella demands that he is still actively trying to conclude an agreement, saying that he wants to agree, which will satisfy both sides, despite the fact that Belmont lives back to the market.
“If Andrew can come up with funding and close a deal, it’s great,” the list agent Jason Oppenheim Told the sale of the decision. “Meanwhile, we will seek other options.”
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He then took an architectural gemstone, and at the time reports show that he wanted a concrete structure to turn a modernist bomb shelter.
He then encouraged even more rage when he completely abandoned his shore plans for his place of residence and in 2024. January He returned it to the market, and the price of $ 53 million is requested, including Oppnheim to help him unload bare home bones.
When it was placed in the market, the houses had no electricity, plumbing, no windows, and there were no interior finishes, all of which were removed during the Western “renovation”.
So it is not surprising that West could not attach anything close to his initial price, eventually accepting just $ 21 million. USD proposal from Belmont, which acquired property in 2024. September And promised him to restore his original fame.
Meanwhile, Mazzella claims that he was not given the whole picture with the agreement, claiming that the restoration would need “hundreds of thousands, maybe millions” more than he first thought.
Nevertheless, Mazzella said he was still trying to agree with Belmont.
Meanwhile, the assets were associated with a lower $ 34.9 million. USD prices.
After buying a home, Belmont said in a press release that he was planning to spend $ 5 million in revitalizing Ando’s work. The purchase of the property gave “the opportunity to revive and preserve the architectural pearl … to ensure that it will remain a Malibu gemstone,” he noted.
But then Belmont thrown his own West -style curve ball, choosing to run a home with a cost of $ 39 million.
At this point, it is unclear in which state is owned or how long the restoration of the long distance -because the list of the list was taken, previously West.
However, Belmont has previously stated that despite the fact that the project is unfinished, he and his team have made a significant step to restore the home, to set up a new plumbing and electricity, to redo the roof and to complete the frame.
He also ordered a glass for windows from Germany and said he would arrive by the end of the summer, noting that he plans to transfer materials to Mazzella as part of the purchase.
Meanwhile, Mazzella promised that it would continue the reconstruction, recognizing that he hopes that the restoration of the dwelling would help him name himself in Los Angeles.
“California and La, specifically Malibu, are the highest level, and I always wanted to reach the highest level,” the former fisherman initially said. “That’s how I lock through the door.”
However, he said that buying a home was far from a commercial aspiration, explaining that he had been “fascinated by architecture”, including Ando, that he said he wanted to move to Malibu for many years.