Billionaire Larry Ellison adds landmark inn to his Carbon Beach empire. Casa Malibu fans hope there won’t be too many changes to the inn’s homey atmosphere.
By Kim Devore / Staff Writer
Software tycoon Larry Ellison has added another trophy to his bulging portfolio of Malibu beach properties. Ellison, who already owns the sizeable Windsail and PierView commercial lots on Carbon Beach, reportedly picked up neighboring Casa Malibu Inn for slightly more than $20 million.
Management at the roadside inn, which was built in 1949, said it does not expect any immediate changes.
“We are continuing as usual,” said business owner Richard Page. “We have a long-term lease that is being honored.”
A spokesperson at Ellison’s Oracle Corporation declined comment.
For Casa Malibu’s many fans, the low-key hotel is filled with memories.
“I really hope they don’t touch it,” said longtime guest Margo Schwab.
Schwab and her husband, Scott, are frequent visitors who make Casa Malibu their top spot for a weekend getaway.
“We’ve been going for years,” the La Jolla, Calif. resident explained. “It’s a very special place. We have our suite right on the ocean with a little kitchen and a private balcony. If you’re not fortunate enough to live on the beach in Malibu, this is the place to go.”
Casa Malibu is also said to have been a secret escape for Hollywood icon Lana Turner. According to legend, the actress checked into the hotel for a day, but liked the place so much she ended up staying a year. Schwab, meantime, appreciates the hotel’s homey, laid-back atmosphere.
“You’ve got the courtyard, the rosebushes, the tiles, all those little touches. It’s a funky historic place, but cute, with lots of warmth and charm.”
Sixty-year-old Ellison, whose net worth is estimated at $18.7 billion, has been on a nonstop ‘Bu-based buying binge since 2003. He is amassing what could be the largest collection of oceanfront property on Carbon-a two-mile stretch of sand often called “Billionaire’s Beach.”
The three commercial properties-Windsail, PierView and Casa Malibu-are just a portion of the mogul’s property pie. The University of Illinois dropout reportedly has at least nine other local properties with a combined value placed at upwards of $180 million.
The software CEO is said to have purchased five contiguous lots on Carbon Beach for $65 million, including a 1,600 square foot cottage for $15 million. His landside properties include David Foster’s former estate in Sierra Retreat. According to published reports, Ellison shelled out $20 million for the 22-acre villa, which boasts nine bedrooms, 11 bathrooms, a pool, a spa and three recording studios.
From large commercial properties to small beachfront homes, Ellison’s recent acquisitions are impressive even by Malibu standards.
“[Jerry] Perenchio has a lot of property, but no one’s done anything like this,” marveled real estate watcher Rick Wallace. “With Perenchio, David Geffen and Ellison, we have three billionaires who have invested at least $100 million apiece in Malibu properties.”
Geffen, who has a large Cape Cod style compound on Carbon Beach, recently purchased another local landmark, the Malibu Beach Inn. The 47-room hotel is currently in the process of being completely renovated.
Page said he is not aware of any similar plans for Casa Malibu.
“We’ve already made some major improvements so there’s no need to,” the lease-owner explained. “We don’t anticipate any changes or problems. We will be here for our guests and we will keep the welcome mat out.”
That would be a relief for folks like Schwab who said, “If they change it, it wouldn’t be the same. It’s a great little place and there’s a magic to it.”