The former home of late billionaire Eli Broad in Malibu sold for $52 million, almost a year-and-a-half after it was first listed for $75 million.
The 5,374-square-foot beachfront property is one of the most expensive homes to have sold in Malibu and the greater Los Angeles area, according to the Wall Street Journal, behind the $61.5 million sale of the Hilton family estate to former Google CEO Eric Schmidt last month.
Branden and Rayni Williams of The Beverly Hills Estates and Kurt Rappaport of Westside Estate Agency represented the Broad family. Chris Cortazzo of Compass represented the buyer, who was not disclosed.
Eli Broad, L.A.’s most influential and prolific developer-turned-philanthropist who died in May, originally put the estate up for sale in February 2020. The listing price of the home was then cut three times — most recently to $59 million in April.
Malibu’s high-end housing market has been hot this year, driven by a demand for space during the pandemic, though inventory remains tight. Real estate mogul George Rosenthal recently relisted his 180-acre compound in Malibu for $38 million, a decade after first listing it.
[WSJ] — Isabella Farr
This story has been corrected to accurately identify the brokers on the deal in the third paragraph.