Kanye West’s Former Malibu Home to Become Timeshare

Kanye West’s former Malibu home is back in the spotlight as it begins its transformation into a members-only timeshare property.

The rapper gutted the home and sold it to Belwood Investments CEO Steven “Bo” Belmont for $21 million in September of last year. It is being offered as part of a cryptocurrency-backed membership club called Populis, Realtor.com reported.

The Tadao Ando-designed property, at 24844 Malibu Road, is being marketed to wealthy architecture buffs who can secure “partial economic ownership” of the 4,000-square-foot property by purchasing memberships allowing investments of up to $30,000 in the home.

The listing came days after Belmont was hit with a notice of default on his $18.5 million mortgage on the home. The lender, Quality Loan Service Corporation, accused Belwood Investments of missing mortgage payments to the tune of nearly $815,000 as of early November. Listing agent Timothy Di Prizito of Christie’s International Real Estate Southern California said Belwood is rectifying the default to prevent foreclosure.

Belmont listed the waterfront mansion for $39 million in August before dropping the price to $34.9 million. It was a far cry from the $57.3 million that West paid for the home in 2021 before the rapper ripped the Ando-designed home down to the studs, leaving no electricity, plumbing, windows or interior finishes.

In order to stake their claim in the home, Populis members will be able to purchase SmartDeeds, or “blockchain-secured membership passes” offered by Belwood Investments. The cryptocurrency-backed venture consists of a $1,000 gold tier, $10,000 platinum tier and $100,000 diamond tier, as well as the $300,000 invitation-only “founders circle,” which offers members benefits like a chef dinner, concierge scheduling and four stays per year.

Belmont says its vision for SmartDeeds is to “democratize access to premium real estate investments.”

— Chris Malone Méndez