UPDATED, Friday, October 20, 8:00 a.m.: If you thought the spec home craze was anywhere close to being over, think again.
Faisal Al-Hardan, the head of KMF International, a private financial services and investment company, is building a 7,900-square-foot spec home at 9950 Cotharin Road in Malibu that has been listed for $18 million, The Real Deal has learned.
The property, designed by Mihkels Wright, sits atop 20 acres of land, and will include three detached residences – a main house, a two-bedroom guest house and a pool house, all boasting views of the Pacific Ocean.
Five bedrooms, six bathrooms, a media room, a library and a safe room will be included in the main house. Other amenities at the property will include an infinity pool, rooftop helipad with a (usable) Airbus helicopter, wet bar, SMART home automation, and an outdoor kitchen. An additional space that could house a 22-car garage, a horse stable or a creative space could also take shape on the lot’s 10,800 square feet.
The platinum LEED certified home will be eco-friendly as well, complete with an onsite waste water treatment system and a geothermal heating and cooling system.
After nine years trudging through the entitlement process, construction finally broke ground last month. The first phase – which includes the guest house and multi-use space – is expected to be completed by summer 2018. Construction of the main house and garage is slated for early 2019.
Sebastian Wolski of Compass has the listing. The property has attracted one potential buyer, however that deal is still pending, Wolski said.
Al-Hardan acquired the land in September 2006 for $600,000, the listing agent said. The home was initially designed to serve as the his personal family home.
KMF International, registered in Montana, handles financial trading and foreign exchange risk management.
Spec mansions have been dominating the residential scene in the City of Angels recently. Just down the street, Scott Gillen recently upped the price of his “New Castle” to $85 million. That’s the same price as Nile Niami’s Opus spec home on Billionaire’s Row. And lest we forget, Bruce Makowski is still searching for a heavy-pocketed buyer for his $250 million Bel Air spec.
Correction: A previous version of this story misidentified KMF International LTD.