Malibu Hits Top List For Home Sales Over $ 10 Million in 2012

by ritasimpson on January 12, 2013

in How's The Market

Malibu known for its hidden beaches and un-hidden wealth has now turned Malibu into one of the nation’s capitals of hyper-priced real estate.

Malibu had a huge boom in sales in the fourth quarter, fueled in part by the fiscal cliff and in part because it is turning into a full time destination for the wealthy and famous.

Malibu is in the running to have the highest sales total in the $10-million-plus category for all of 2012.
Play VideoMalibu: World’s Mega-Mansion Capital
That includes closings on at least $123 million worth of high-priced property in five different deals in the fourth quarter alone. There were three closings of $5 million or more at the very last minute, on December 31st.

And 2013 is off to a huge start.

A Russian billionaire couple has just paid $75 million to buy Howard Marks’s 9.5-acre estate. That’s a Malibu record.

The Pacific Coast Highway property includes a 20,000-square-foot house with eight bedrooms and 14 bathrooms, two guesthouses, a separate gym, tennis courts and a swimming pool.

The all-cash deal was off-market, with a reported original asking price of $125 million.

Marks, chairman of Oaktree Capital, and his wife, Nancy, paid $31 million for the property in 2002, when he bought it from the estate of late Herbalife founder Mark Hughes.

As for 2012, Oracle CEO Larry Ellison was one of the biggest buyers in Malibu, adding two more properties to his holdings along Carbon Beach. He bought former Yahoo CEO Terry Semel’s estate in September for $36.9 million and Jerry Bruckheimer’s home for an undisclosed amount.

Ellison now owns about a dozen properties in the area known as Billionaire’s Beach, including famed Japanese restaurant Nobu, and a property he’s developing into a botanical gardens and art museum.

Other famous residents of Billionaire’s Beach include entertainment mogul David Geffen and former Dodgers CEO Jamie McCourt.

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