Malibu home sells for $27 million


An estate of more than seven acres on the beach along Encinal Bluffs has sold for approximately $27 million, according to public records. The property was most recently listed at $29 million.

The transaction is by far the largest ever in Malibu, more than $10 million greater than the previous record of a neighboring property. Likely, it represents the largest home sale in California this year, the second largest ever in Southern California and one of the most sensational residential deals in American history. The seller is the widow of a Nevada casino mogul. The buyer owns a worldwide company that produces herbal and nutritional supplements. Agents involved in the transaction hailed from outside areas.

The deal reportedly included elaborate furnishings and perhaps other assets. The home is estimated at approximately 18,000 square feet. It has 13 bathrooms. Fireplaces number nine throughout the house, including the master bedroom, kitchen, den, guest house and outside patio. There is a nine-car garage.

Sitting dramatically on the bluffs, the estate accesses 300 feet of private beach. Views include the Channel Islands up the coast. The property, near Decker Canyon about three miles west of Zuma Beach, is walled and features a spectacular guarded entrance gate. Within the grounds are acres of gardens and lawns.

Though few were allowed to view the estate, it listed originally in spring 1997 for $40 million. A recent price reduction dropped the asking price from $33 million to its latest level. The sale was reported last week in the Multiple Listing Service at an undisclosed price. Document stamps for the property in public records suggest the total exchange amounted to $27 million.

The stunning transaction caps a very strong year for Malibu real estate that saw upper-end values reach all-time heights. Real estate values in general increased about 20 percent this year, locally. Indeed, the sale accents a remarkable century for property values along this coast (the Rindge family purchased all of Malibu for $133,000 just over 100 years ago) and a profound final commentary on Malibu real estate heading into the year 2000.

Virtually every amenity possible was accounted for in the two-story, Mediterranean-style manor, completed in 1993: large rooms with high ceilings and intricate finishes, framed with ocean views; expansive decks and terraces; a state-of-the-art screening room; wine cellar; tennis court and rose gardens; breathtaking pool and spa; and a beach lanai and cabana.