Imagine owning a slice of a home that was once part of Kanye West’s real estate portfolio. Steven “Bo” Belmont is offering that opportunity as part of a unique venture aiming to transform the property into a luxury community space.
Belmont acquired the unique Tadao Ando-designed home from West for $21 million in 2024. His ambitious plan involves converting this minimalist Malibu property into a high-end membership-based community space similar to the Soho House, allowing multiple people to share ownership and access through paid memberships.
However, there’s a significant challenge: West famously gutted the home before selling it. Belmont explained to Business Insider, “The equity in this is built on the finishing of the property. So when they invest, those dollars go toward just moving that property down the line.”
This approach aligns with the growing trend of fractional real estate, which aims to broaden access to real estate investment. Belmont’s venture, Populis, targets affluent investors by offering not just financial returns but also enriching experiences, such as attending events in a Tadao Ando-designed beach house previously owned by a celebrity.
“We made the entry a little bit higher, which tends to cater to more of an accredited investor,” Belmont mentioned. “But as we push through the luxury end of Populis, we will absolutely be spinning one out once we have the bandwidth to accommodate the full democratization of real estate and other goods, other real-world assets.”
Fractional Ownership for the Affluent
The Malibu mansion, now listed at $12 million by Christie’s International Real Estate SoCal, isn’t just an ordinary sale. It represents a novel model of ownership.
“This is not a traditional whole-asset sale,” the listing states. “It is a private, membership-driven opportunity designed for buyers seeking exposure to blue-chip real estate without assuming full ownership, management, or renovation responsibility.”
Belmont, together with Alexandra Damsker and Matthew Hintz, founded Populis, a crowdfunding initiative to transform “architecturally significant properties” into exclusive community spaces, while also providing investors with a financial stake.
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Belmont’s ventures aren’t limited to high-end investors. His company, Belwood Investments, also engages everyday investors interested in luxury real estate flips. Yet, with the Malibu project, he sought more substantial backing, leading to the creation of Populis.
The membership model, starting with this Malibu property, aims to foster a “civic movement of architects, artists, and outsiders reclaiming culture’s rarest places,” according to its website. With four membership tiers, participants can invest between $15,000 and over $100,000, gaining access to property tours, events, and summits.
“There’s the opportunity to socialize and hang out with all of these other investors and meet at these amazing properties,” Belmont explained. “There are a lot of these really world-class class amazing properties around the world that we are able to offer to the masses.”
Reviving an Abandoned Gem
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Kanye West purchased the home in 2021 for $57 million but never resided there. It’s one of several properties he has sold, including a Wyoming ranch. If Belmont’s vision materializes, the Malibu property will see new life after years of dormancy.
Belmont sees intrinsic value in the property beyond West’s connection. Given its unique architecture and prime location on the Pacific Ocean, it is bound to attract interest.
“This is not a regular single-family home — this is not even a regular concrete home — this is something completely different,” Belmont remarked.
