Reported record Malibu home sale price false


The widely reported sale of Nancy Daly’s Carbon Beach home did not take place.

By Rick Wallace / Special to The Malibu Times

It has been a simmering rumor among local Realtors for the past few weeks, and the Los Angeles Times reported it as a done deal Sunday that a $68 million home sale took place in Malibu-a staggering new record price.

However, it’s not true.

The 180-foot Carbon Beach estate owned by Nancy Daly, estranged wife to former Los Angeles mayor Richard Riordan, has not sold and is not in escrow, according to a source who was involved in the one-time transaction. Furthermore, no public recording has occurred indicating any transfer of ownership.

Recent years have seen a scramble of ever-increasing home sale records and inevitably one of the grand new mansions that sit on large lots at newly-nicknamed “Billionaire’s Beach” will be sold at a gargantuan price.

Just, not yet.

The alleged sale, which has been additionally touted in Web blogs, involves an eight-bedroom home built in 2002 that sits on a large parcel with 180 feet of beach frontage, about as much as can be found anywhere in Malibu. The property also has a paddle tennis court.

Carbon Beach has become the preferred beach of many elite buyers, including technology tycoon Larry Ellison, noted for allegedly purchasing 10 beach residences himself. The reason: the sand has remained plentiful and deep at the beach, something that has eluded the Malibu Colony and Broad Beach during the past 20 years. Furthermore, buying multiple lots and tearing down older homes to create one large mansion with wide frontage has been vogue among the super rich the past decade.

Last year, a record sale on Carbon Beach involved notable public figures on both the selling and buying sides in a transaction first popularly reported at more than $30 million, but appearing in public records recently at $27.25 million. That property is on one large lot of 80 feet, which had never been previously divided. Frontage lots 40 feet to 50 feet in size are most typical at beaches throughout Malibu.

With the ever-increasing popularity of celebrity home purchase stories, print and Internet news outlets are racing to scoop the next colossal transaction. The Daly deal apparently advanced quickly in the media from possible to pending to done. Along the way, however, like many high-priced transactions, it collapsed. Usually, home sales described in the popular Sunday “Hot Properties” column in the Los Angeles Times involve fully completed transactions.

It appears the record for a Malibu home sale remains the bluff estate once owned by the late Johnny Carson on Point Dume. Though public records are unclear, the sale price from one year ago is popularly known to be in the $33 million to $35 million.

A large estate in the hills above Serra Retreat, known to be purchased by a family member of the leader of another country, appears in public records at a sale value of about $30.3 million.

The first home ever to sell in Malibu for more than $10 million was a six-acre bluff estate on Encinal Bluffs, which traded for about $14 million in 1997. Nearby, another bluff property of even greater size sold for about twice that amount, and did so twice to become the new standard-bearer in Malibu. Its first sale occurred in 1999-and then again a deal in 2001 when it was reported in the Multiple Listings Service at $31 million (though other assets besides the real property were rumored to be included).

Other homes have flirted with the benchmark $30 million price. A Malibu Colony home on a 65-foot lot sold for $27.25 million in late 2006, a record for the Colony that matches that on Carbon Beach. Broad Beach has seen a sale at just about the same price, as well.

A record sale of $68 million may have to wait for another day. The home in question was not listed. The largest active listing in Malibu at this time is a Paradise Cove estate on nearly seven acres with an 11,000-square-foot main house. It is listed for $75 million, more than double any other property actively marketed.