The iconic Malibu beach house that Kanye West famously gutted is in the process of undergoing a significant transformation that will leave the concrete shell unrecognizable by the time it finds a new buyer -- having recently relisted for the reduced price of $34.9 million.

According to the home's listing agent, Jason Oppenheim, restoration of the property was put on hold by the current owner, developer Steven "Bo" Belmont, CEO of "real estate crowdfunding firm" Belwood Investments, when he inked a deal with a buyer, Andrew Mazzella, a luxury home developer from Montana.

However, that deal fell through in August amid a furious spat between the two developers -- with Belmont branding Mazzella a "massively underqualified ... Montana cowboy."

The fallout between Belmont and Mazzella led to the four-bedroom beachfront abode -- which was originally designed by Pritzker-winning architect Tadao Ando -- being relisted with $4 million cut from its original $39 million asking price.

Oppenheim tells Realtor.com® that the dwelling has had "decent interest" in the weeks since it reappeared on the market -- with the celebrity real estate agent noting that the home has a great deal of intrigue beyond its beleaguered history.

Chief among its most alluring qualities is its impressive "architectural pedigree," he notes -- combined with the fact that it is believed to be the only Ando-designed home actually "on the water."

Oppenheim also reveals that work on the home's restoration is due to pick back up "within weeks, if not days," teasing that the dwelling will no longer resemble a bare concrete shell by the time it finds a new owner.

Before the home went into escrow with Mazzella, Belmont revealed that he had already made significant progress on the rebuild, including installing new plumbing and electric, redoing the roof, and completing all framing.

He also ordered glass for the windows from Germany and said it would arrive before the end of the summer, noting that he planned to pass the materials to Mazzella as part of the purchase.

This update will no doubt come as a welcome news to architecture fans, who were left in uproar by West's gutting of such a significant example of Ando's work.

The rapper found himself at the center of a furious scandal when it was revealed that he had gutted the entire home, ripping out all of the windows, electrical wiring, and plumbing in an apparent attempt to turn the home into a modernist bomb shelter.

West sparked further outrage when he ditched his plans soon after decimating the home, putting it back on the market in January 2024 with an asking price of $53 million, enlisting Oppenheim to help him offload the bare bones of the home.

When it was put on the market, the home had no electric, no plumbing, no windows, and no interior finishes, all of which had been stripped out during West's "renovations."

So it came as no surprise that West was unable to secure anything close to his original asking price, ultimately accepting an offer of just $21 million from Belmont, who purchased the property in September 2024 and vowed to restore it to its original glory.

When he bought the home, Belmont announced in a press release that he planned to spend $5 million bringing Ando's work back to life. The purchase of the property provided "an opportunity to revitalize and preserve an architectural gem ... ensuring it remains a jewel of Malibu," he noted.

Yet Belmont then threw his own West-style curveball, choosing to relist the home with an asking price of $39 million, despite noting in the description that the property was far from being in a livable condition.

Days later, he revealed that he had struck a deal with Mazzella, telling The Wall Street Journal that he'd agreed to sell the home for somewhere between $30 million and $34 million.

At the time, both Mazzella and Belmont confirmed that they expected the deal to close by early May.

Yet the home's listing status remained pending for weeks -- before the property was suddenly put back on the market earlier this month, with a reduced asking price of $34.9 million, as first reported by Realtor.com.

Speaking to the WSJ about the deal falling through, Belmont criticized Mazzella, claiming that he had failed to come up with the money to pay the agreed-upon price for the dwelling.

According to Belmont, Mazzella made a new offer of $19.5 million after struggling to secure financing -- noting that he quickly rejected it.

"I was born at night, but not last night," he scoffed, conceding that he wished he had done more research about Mazzella before agreeing to a deal: "Shame on me for not doing due diligence."

Meanwhile, Mazzella said that he also offered to pay Belmont $27.5 million in cash, which was also turned down -- despite insisting that he was not given the full details about the work needed to restore the property to a livable condition when he agreed to buy it in the first place.

Mazzella said he was under the impression that Belmont was going to continue his restoration of the property while their deal was finalized, only to discover that work ceased back in April.

According to Mazzella, the project was going to require "hundreds of thousands, maybe millions" more than he had first thought -- costs that only came to light after what he said was a "slow trickle of information" from the seller in the months after the deal was made.

He further alleged that Belmont's company, Belwood, failed to share the full details about the 500 or so parties involved in the original investment in the beach house -- which turned lenders off from giving him money to finance his purchase.

As of August, Mazzella said he was still actively working to close the deal, stating that wanted to reach an agreement that will satisfy both parties, despite Belmont putting the dwelling back on the market.

"If Andrew can come up with financing and close the deal, great," Oppenheim told the WSJ at the time. "In the meantime, we're going to pursue other opportunities."

Kanye West's gutted Malibu 'bunker' relists for $35 million as...