Billionaire casino magnate Sheldon Adelson, 86, just purchased his ninth property in the Malibu Colony for $17 million, according to Variety. The exclusive, gated community contains approximately 120 properties in total. His latest purchase was an off-market deal for an oceanfront property described as “lavish.”
Adelson, who is also well-known as a high-dollar Republican Party donor, bought his first Malibu Colony home in the ’90s, but his accumulation of beachfront properties took off in 2013. He paid soap opera creator Lee Phillip Bell about $13.3 million for her two Colony properties, then steadily kept adding more. He has spent about $90 million on Colony real estate so far.
His latest purchase is a contemporary, 4,700-square-foot, multi-story home with two-car garage and tropical landscaping—and it is one of only a handful of Malibu Colony homes with an in-ground swimming pool. It’s also right next door to one of his other properties.
The main residence of the world’s 24th richest individual is still a 44,000-square-foot behemoth in Las Vegas.
However, Adelson still hasn’t quite kept up with Larry Ellison, one of Malibu’s other major real estate investors and the 10th richest individual in the world. On Feb. 28, Business Insider reported Ellison owns as many as two dozen properties in Malibu, including at least 10 on “Billionaire’s Beach,” aka Carbon Beach. His total spending on residential and commercial properties in Malibu is an estimated $200 million to $250 million, including Nobu, Nobu Ryokan and the Malibu Racquet Club.