Malibu will acquire almost 30 acres of land within the city from the portfolio of the late media mogul Jerry Perenchio.
The City Council approved the $42.5 million purchase on land zoned for commercial use, according to the Los Angeles Business Journal. Development plans were not disclosed.
About 11 acres split between two largely vacant parcels are located in downtown Malibu. Of that, more than 9.5 acres are attached to 23575 Civic Center Way and about an acre at Civic Center Way and Webb Way.
The third parcel, comprising roughly 18.5 acres, is located at Pacific Coast Highway and Heathercliff Road.
The city will fund the purchase with bonds and with money from its general fund reserve, the Journal reported.
The parcels are part of Perenchio’s massive Malibu portfolio, which includes a separate undeveloped 70-acre property divided into eight lots. One of those lots borders the ultra-exclusive Malibu Colony neighborhood, home to celebrities. For that portfolio, brokers reportedly won’t break up the 70 acres. Instead, they want to sell it all for $150 million. It will likely take years for a developer to clear the necessary approvals to start construction on the land.
Perenchio, who died last year at 86, was a former chairman and CEO of Univision. His family also listed his Malibu Colony Road home earlier this month for around $14 million in addition to his so-called “Chartwell” estate in Bel Air. That 10-acre property is selling for $350 million, making it the most expensive listing in the country. [LABJ] — Dennis Lynch