Remember rapper Kanye West’s Malibu mansion that he finally sold after years of it being on the market? Well, it seems the new owner has been having difficulty handling the property, and now he’s trying something new to avoid foreclosure.
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We previously told you all about West’s Malibu mansion that he destroyed and got rid of last year. The property — which had no doors, windows or electricity at the time — sold to Steven “Bo” Belmont for $21 million last year, which was $36 million less than he bought it for. But while West has moved from the mansion and on to bigger proteries, it seems Belmont is still being haunted by his questionable purchase.
He tried to sell the mansion multiple times since acquiring it but there were no takers. Now, Belmont wants to turn the mansion into a luxury real estate timeshare, according to HotNewHipHop. Folks can invest in the space with memberships ranging from $1,000 to $300,000.
The move seems to be a last ditch effort to recover from the potential million-dollar loss Belmont might soon face. According to Realtor.com, he’s facing foreclosure after Quality Loan Service Corp gave him a notice of default. The company claims Belmont owes them more than $814,000 on the $18.5 million Malibu mortgage.
Quality Loan Service Corp gave him 90 days to get it together, or he could face foreclosure. According to listing agent Timothy Di Prizito, Belmont’s timeshare plan will target investors known for investing in expensive properties. The goal is for the contributors to avoid “the risk that comes with a whole-asset purchase” by only investing in a tiny piece of West’s former home. A spokesperson for the property said the timeshare proposal has long been in the making– way before the default notice, according to Realtor.com
Despite the property’s shaking real estate history, the Malibu mansion is quite a piece of work! It was designed by legendary architect Tadao Ando, who also built Beyonce and Jay-Z’s $200 million home, we told you. Originally, West bought the house in 2021 for a whopping $57.3 million. This was just months after his split from Kim Kardashian.
Meanwhile, Belmont is still fixing up the place since West’s “renovations.” He confirmed that windows, doors and additional amenities were being added to make the property more appealing.
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