Michael “Flea” Balzary of the Red Hot Chili Peppers just sold his Encinal Bluffs property in Malibu, which sits on just over two cliff-top acres, for $20 million in an all-cash, off-market deal, according to Variety.
Flea bought the estate in 2006 for about $9.9 million, and then tried unsuccessfully to sell it from 2009 until 2011 at a variety of asking prices. The property had been off the market ever since. The buyer hasn’t yet been positively identified, but Variety writes that “the evidence points to Alec Litowitz, the CEO of Illinois-based hedge fund Magnetar Capital.”
Satellite photos and other aerial imagery show the property has a 1980s single-story main house of about 2,700 square feet, two detached guesthouses, a half-court for basketball and off-street parking for at least a dozen cars. Pathways lead down the steep cliff to the sandy beach below.
Flea’s other real estate holdings include a recently purchased $7.5 million cottage in the Malibu Colony and a compound in La Crescenta, Calif.