Updated: Wednesday, July 26, 12:30 p.m.: David Geffen broke Malibu records earlier this summer when he sold his Carbon Beach estate for $85 million. Now it seems the entertainment mogul has taken a loss in an effort to offload his last property and fully exit the celeb-filled city.
Geffen has reportedly sold the last of his known Malibu residential properties — a mere 1,473-square-foot Carbon Beach cottage — to an unknown buyer for $8 million — almost $2 million less than the $9.8 million he paid for it in 2008, according to property records. .
The tiny house listed in May with an asking price of $8.9 million, but Geffen was apparently willing to let it go for less.
Built in 1956, the Contemporary-style home has two bedrooms and two bathrooms, Variety reported.
Kurt Rappaport of Westside Estate Agency and James Rapf of Pritchett-Rapf & Associates had the listing.
The cottage is down the street from the Carbon Beach pad he sold for $85 million to Los Angeles Dodgers owner and Guggenheim Partners CEO Mark Walter.
Geffen has a substantial real estate portfolio in Los Angeles and New York that includes the Jack L. Warner estate in Beverly Hills, which he purchased in 1990 for a reported $47.5 million. He has a more than two-acre oceanfront compound in East Hampton, which he bought last year for $70 million. [Variety] — Subrina Hudson