The Los Angeles luxury market looked completely different in late February, when Eli Broad first listed his Malibu beach house for $75 million.
Without a sale, the billionaire slashed the price in July, and has just cut it again, to $62 million, according to the Los Angeles Times.
That’s 17 percent below the original list price.
The developer turned philanthropist paid $5.65 million for the two land parcels in Carbon Beach in the late 1990s, and hired now-disgraced architect Richard Meier to design the modernist abode.
The 5,400-square-foot house was completed in 2002, and spans two stories with five bedrooms and seven bathrooms. The master suite includes a balcony, sauna, and a lounge. Double-height glass windows in the main living room emphasize the views over the Pacific Ocean and the property’s 105 feet of ocean frontage.
The house sits in a raised platform and connects to the beach via a small stairway off the back patio. There’s also a lawn and a guest house on the property.
In February, Broad described the home as a “masterpiece” and “probably the most important house currently for sale on Carbon Beach.”
Hilton & Hyland’s Branden and Rayni Williams initially had the listing, but Westside Estate Agency’s Kurt Rappaport took it over in July. [LAT] — Dennis Lynch