Los Angeles luxury home sales have been heating up, and land listings may soon follow suit.
Film producer Jack Giarraputo is looking to part with 38 acres of undeveloped land in Malibu overlooking the ocean, according to the Los Angeles Times.
Giarraputo is asking $31.5 million for the property dubbed Sweetwater Ranch at 3291 Sweetwater Mesa Road, the Times reported. A sale at that price would make it the most expensive deal of 2020 in Malibu for a publicly listed property.
The hillside land isn’t just a blank slate — it comes shovel ready with approved plans for a 12,000-square-foot mansion.
Those plans are “approved by California Coastal Commission for entitlements that no longer exist,” according to marketing materials from Douglas Elliman. Tracy Tutor and Gina Dickerson have the listing.
Renderings show a modern-style two-story home atop a ridge with views of the Pacific. Down on the five-acre “lower plateau” renderings show a 75-foot infinity pool, tennis court, and equestrian facilities including a barn, riding arena, and stable.
The land listing is the second-priciest undeveloped property currently on the market in Malibu, behind roughly 35 acres practically next door at 2860 Sweetwater Mesa Road, which is asking $39 million.
It would be unusual for an undeveloped parcel to top the deal sheet in the notoriously expensive coastal city, where there are now three homes publicly listed for $100 million or more and another half dozen on the market for over $50 million. The latest nine-figure mansion to hit the market was Pierce Brosnan’s 12,500-square-foot home.
Giarraputo formed Happy Madison Productions with Adam Sandler in 1999, the Times reported, after producing the movies “Happy Gilmore” and “Billy Madison.” [LAT] — Dennis Lynch