Would-be flipper of Kanye West’s former Malibu pad files for BK to stop auction

The home flipper that made headlines buying the gutted Malibu home of Kanye West filed for bankruptcy this week. Belwood Investments’ Chapter 11 filing in Santa Ana bankruptcy court saves the property from being sold off at an auction originally set to take place Thursday morning.  As of the November notice of default the company founded by CEO Steven “Bo” Belmont, was late on over $800,000 in payments, according to property records. The Chapter 11 lists assets between $100 million to $500 million. Meanwhile, the company’s liabilities are in the range of $50 million to $100 million. “Here’s the thing: […]This article originally appeared on The Real Deal. Click here to read the full story.