NEWPORT BEACH, Calif. , Aug. 7, 2024 /PRNewswire/ -- Belwood Investments is thrilled to announce it is under contract to acquire the distinguished property located at 24844 Malibu Road, Malibu, CA.
Originally constructed for art collector and financier Richard Sachs , this architectural masterpiece was designed by legendary Japanese architect Tadao Ando and completed in 2013. The property was sold in 2021 for $57 million . Due to unfinished renovations and subsequent damage, it was recently listed at a reduced price of $39 million .
Following aggressive negotiations with The Oppenheim Group, Belwood Investments' CEO, Bo Belmont , secured the property for under $22 Million . "We are incredibly excited about the acquisition of this property," says Belmont. "This is not just a phenomenal real estate investment; it is an opportunity to revitalize and preserve an architectural gem by the renowned Tadao Ando , ensuring it remains a jewel of Malibu .
This acquisition exemplifies Belwood Investments' commitment to transforming properties with historical and architectural significance while delivering exceptional returns for our investors." Belwood Investments plans to invest approximately $5 million in renovations to restore the property to its original state. Restoration will honor the unique materials and innovative design elements specified by Ando, many of which were imported from around the world.
The renovation process is anticipated to take 12-16 months. About Tadao Ando Born .