Meeting the Buyer of Kanye’s Malibu Mansion

[@Billclint-i8f]

Back in the day, when I purchased my first home to live-in; that was Miami in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.

[@phill-s3s]

If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.

[@randettawolf]

Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.

[@DillonMcgaha9]

I will be happy getting assistance and glad to get the help of one, but just how can one spot a reputable one?

[@randettawolf]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with 'Grace Adams Cook' for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@phill-s3s]

She appears to be well-educated and well-read. I ran a Google search on her name and came across her website; thank you for sharing.

[@Real.Estate.Report]

Very cool to meet the buyer of this iconic property! I hope you guys enjoyed hearing about Bo’s plans with the house.

[@hanktrill1498]

This is fascinating thanks to both of you.

[@Slonge92]

I’ll bet you a cup of coffee that he barely breaks even. It’s too small and too brutal. It’s a definite fail for the architect Ando (stick to commercial buildings). Arvin did a good video on it, exposing it as an epic fail. It is fun to point at and laugh when driving around Malibu. Thanks for the video.

[@tammyc6863]

This buyer really did his homework. Now I wait for the video of the finished house tour and possibly your collab video with him lol

[@Real.Estate.Report]

That would be fun ha

[@undefined69695]

Hopefully that guy stays out of jail. He recently got out after trying to murder someone with a pitchfork. Sounds made up but no 😂😂😂

[@undefined69695]

4000 friends lmao I wonder how many are his cell mates

[@e.s.5529]

I would never use Oppenheimer to represent me in real estate. He's more interested in being famous on being on Netflix then being in luxury real estate. Nuts

[@Real.Estate.Report]

I’ll admit the Netflix show is pretty dramatic … but I’ve watched interviews with Jason and he is a very sharp businessman

[@2011blueman]

He definitely got a good deal on the property,. However, tying up your capital with a real estate deal for an indefinite period of time in an illiquid investment with a firm that normally doesn't handle properties of this value and scale isn't a great idea. All I know about this guy is what he said, he's a former mortgage broker in the early 2000s, i.e. think of the bad guys in the movie The Big Short.

[@Real.Estate.Report]

Valid points but not all mortgage guys were bad. I too was a mortgage broker back in the sub-prime loan days…

[@MossMini]

True deal maker! Keep us posted!

[@Real.Estate.Report]

Will do!

[@wwgbert]

You are so right that would fun to say you're an investor in this Malibu property. Congrats on breaking 60k subs and getting this interview, 100k around the corner!

[@Real.Estate.Report]

Thank you! Yes let’s get to 100k!

[@johnpatterson9219]

Thanks for keeping us updated on this Tadao Ando home in the BU. The plans sound solid. Looking forward to an excellent selling price! 😊

[@Slonge92]

Kanye took a bath on this dump, and it’s a complete tear down. It was small and ugly when brand new, and I don’t see it ending up a profitable flip unless they tear it down and build a normal house. They can redo the interior, but they will be lucky to break even.

[@Bao171]

You are correct

[@youalreadyknow5039]

Thanks for sharing. This is the first abd only real estate channel I have/will subscribe to. I dig your narratives and insights. With your followers u should try something like what Bo did. I bet you’ll have a grip load of participants. You can start off with simple homes or units. Just saying😉…. Again, thanks for sharing and I find your channel informative and fun!!

[@Real.Estate.Report]

Thanks for the nice comment that means a lot

[@markmedley6849]

I’m not a fan of that house or the street it’s on. There are much better beaches in Malibu at that price. I am glad that it’s finally being fixed up and brought back to its former design. I won’t be investing in this project but I wish those that do a huge success. Thanks for posting an update. I saw it sold and I appreciate the details.

[@sixdonuts]

Very cool story. So glad they are restoring this house back to its original state.

[@Real.Estate.Report]

Me too

[@Bao171]

As a developer myself….They will never see $40m. High risk project that you can’t fracture into smaller deals. There are thousands of homes you can get for under $40m with ocean views without being 5’ from your neighbors. I wish them success, but this one is going to be difficult.

[@markmedley6849]

I agree. I live in Malibu and there are much nicer properties on better beaches for less. 40 million is a lot of money for such a small house that wasn’t that spectacular when it was brand new. The architect is famous, so it would take somebody who really really likes his work to pay so much. Kanye did but there aren’t that many buyers who are as careless with their money as he is.

[@drowe2]

Excellent video - love to hear these real estate business events

[@Real.Estate.Report]

Glad you enjoyed it! More to come

[@nordicvolkan]

I am happy for the buyer this is a great deal. Kanye needs to be very careful with his money Losing $40M is a sure path to diminishing wealth especially when his income is no longer keeping up.

[@markm-00]

Great episode , and what a Legit developer very refreshing

[@HaydenBowles]

Absolutely crazy! Great job covering the story, that's a fat loss

[@Real.Estate.Report]

Thanks Hayden! Yep big loss for Kanye… I suppose he can afford it though 😂

[@Law19157]

My question is, what measures are in place to prevent coastal erosion in this location. These mansions are right on the water and its only a matter of time before that beach disappears. Buying a house at these prices knowing coastal erosion is a problem is insane to me. I'd rather have my house on the top of a hill overlooking the ocean rather than being right on the ocean.

[@kyleanuar9090]

The fault line is a nearer issue than the erosion. The whole of CA is at risk of total destruction and it's going to happen at anytime now.

[@markmedley6849]

I live in Malibu overlooking the ocean. It’s beautiful but going up and down the hill gets old. Plus the hills are in the fire zone. I would rather be in a small house on the beach.

[@Law19157]

@@markmedley6849 Hmmm.....jeez, stuck between a rock and a hard place, you either get burned by the fire or taken away by the ocean that sucks.

[@DanFrederiksen]

Nice scoop. I said I hope it doesn't sell for more than 20 so it was pretty close. I understand his risk reward prices but I'm not sure 40-50 is in play unless you catch a rare whale that doesn't care about price. Selling to Kanye twice is probably too much to hope for :) restoring it to original Ando design is probably the best play by far if you had to touch this project. Personally I don't like the value proposition at 21mill but they might cover their cost because it is now a storied location. Because a price is known a buyer might be willing to make them whole, even if he would otherwise only pay 15 for the house. At 24million it's about 6000$/sqft? it's a premium :) I hope it doesn't sell over 30. They might get 25-27 just because someone can afford to do it. Without the name and the story the market price might be more like 12. In restored condition. I know some people have funny money but last I checked 12 mill is still very real money. When they get going you could visit the place and do another video. If nothing else it's a good real estate story

[@markmedley6849]

Agree with everything you said.

[@jagpilotohio]

The pure idiocy of this entire saga is just incredible.

[@michaelgilgan3178]

Great video!

[@w.harrison7277]

I love the Brutalist style when it works but its easy to have it not work, and for me this house isn't great. The cramped spot on the beach doesn't look great, either. It would be nice for a beach weekend if you lived in Bel Air and want quick beach access and then come back, but I can't see the price. I'd hesitate to go over $5M.

[@harkinsclark1417]

This isn't Brutalist style architecture, that style has form and function, this is what happens when untreated mental health issues meets with money.

[@estatemediaus]

Great video

[@ashishpatel350]

nice ad for the crowdfund company. i wouldnt touch it with a ten foot pole. lol

[@philshelton3534]

the ceo is a criminal too

[@titibebe2510]

Well, when the ocean waters start rising due to the global warming (and they have been rising), those houses in Malibu are the first to go down, they're prices will be $0 , so I think Ye is $21Million richer

[@jagpilotohio]

Did this guy pay for this advertisement? Hahahahaha.

[@Real.Estate.Report]

@@jagpilotohio no

[@seanreynolds1266]

I love this explanation of flipping a house as if its a new concept only invented for this house. Wonder if that was part of the tricking west out of the land. We like, invented this like after the housing crisis and its like not a default. im like just a bank and y'know am gonna just make it dazzle now.

[@comfortsibanyoni9523]

Honestly the house was an eye sore before Kanye did the demolishing.... I wish ye was able to transform it into what he had in mind that would have been really cool to witness.

[@NielsCG]

I don't believe what Bo said, here's what I think... He offered a Low-ball number, Kanye needed quick cash (quick exit) and accepted, and at the end only one party was happy.

[@lovelymmebey1221]

What was the commission on that???

[@goodson77784]

buyer and seller broker each get 3%. Salespersons get about half that. So about 1.5% of the sale price.

[@Real.Estate.Report]

Kanye probably paid about $1 million in total commissions, half which went to the buyer broker and half to the seller broker

[@alanaldpal950]

@@goodson77784 You just made that up. $20 million dollar properties Do Not list at 6%. (Maybe 4% ?) and experienced agents like the ones that would handle a property like this do Not split their commission 50/50 with their broker ….. more like 80% to agent and 20% to their broker. By the way it is now 2024

[@555125kevin]

What a wasted build by Kanye West, the house is squished in between 2 homes and out of place. Tadao Ando concrete homes look good with massive square feet and isolated from other homes.

[@Real.Estate.Report]

It is a unique location… you’re right not typical for Ando. But that makes it kind of cool in its own way

[@Real.Estate.Report]

@@LustyTruth I meant unique location for an Ando

[@alanaldpal950]

I don’t know if I would say I had a “Happy Marriage” with Kanye 🤔

[@menaseven9093]

Bo Had the real estate deal of a lifetime for buying a famous architect, and superstar s beach mansion 60% off the price. !00% profit after selling this house is guaranty

[@storytimewithunclekumaran5004]

Insanity..... on every level.

[@jasonhutchinson8060]

Meh. I smell bullshit. This is merely a promotional video for a 'fractional capital' investment peddler who bought the house for the obvious attention it would provide his investment 'scheme'. Remember this: If anyone offers to share their goldmine with you, it is because they need you to move all the dirt. Hard. Pass.

[@modularliving1024]

Give us a update on your two story project 🙌🏼?

[@Hierarchangel]

I hate brutalism, but at least it won't burn down.

[@judypratt2868]

Building 7

[@nickadams3803]

“This is not a sponsorship” proceeds to ask literally every single corny question as if he’s advertising their investment fund to his audience. “Oh I also linked all Bellwood’s contact info and website links in the bio”. Such a nice guy you are! Willing to fully endorse the business of said “buyer” of a random expensive home you’re making a video on; and even giving us a full step by step break down of how his business plan works and how they accept new investors! I mean really? At this point I really do hope you got paid. A commercial like this cost a lot $$$…

[@Real.Estate.Report]

@@nickadams3803 Belwood did not pay me to make this video. I actually asked him about a half dozen more questions about his business model that didn’t Ben make it into the video because I genuinely think what he’s doing is super cool! I’m a developer myself and have never heard of anything like this. But I knew there would be comments like yours, which is why I clarified twice in my video that this was not sponsored.

[@GK-up6xz]

I very much doubt Ando would have anything to do with this property ever again…

[@Independent_Voices]

He still overpaid

[@Real.Estate.Report]

I think he’ll do ok… I mean look what Jay z and Beyonce paid for their Tadao Ando 😮

[@annonymously331]

$4k per square foot is spot on for a run down property like this one. If the restoration is done correctly and, he could sell for double

[@undefined69695]

Invest with him bro 45% returns to the moon 😂😂

[@eddieg6436]

This crazy story REALLY make’s people out of California think Californians are REALLY NUTS!!! 🤷🏼‍♂️😂🤔

[@philshelton3534]

this Steve “Bo” Belmont is a criminal no?

[@undefined69695]

Yeah he went to jail for attempted murder 😂 with a pitchfork!! Wild

[@Agent77X]

I am going put $500.00 into Kanye West property!

[@2sick257]

Derek Jeter?? lol

[@undefined69695]

Uhhhh is this shilling this guys “investment opportunity”? Sus vibes bro

[@Real.Estate.Report]

@@undefined69695 did you watch the entire video?

[@LucasFerreira-cq8qz]

Bo describing how he built his business kinda sound like a pyramid scheme just saying

[@allanmagero2059]

Kanye is very very unserious

[@eddieg6436]

Kanye is OBVIOUSLY nuts!!! Glad he’s gone!!

[@latlj1283]

No wonder Black man can not keep the money. He just throw it away.

[@drummersagainstitk]

Everyone is dreaming on this house. It is a financial disaster waiting to occur. 40mil to 50mil?

[@diemes5463]

These 'modern marvels' NEVER sell for a profit.

[@77raymo]

Did I miss something? Purchase at $21m, sell at $40m, investors get a 100% return, so rebuild is free 😁😁

[@Real.Estate.Report]

@@77raymo He actually raised about $18 million from a more traditional lender. So the other investors are only putting up the remaining $3 million + renovation costs