A 6.6-acre estate in Malibu’s Paradise Cove has returned to market as the fifth-most expensive listing in Los Angeles.
The property, at 28060 Sea Lane Drive, has been listed for $125 million, according to Zillow. It has been off the market for nearly a decade. The asking price is more than three times what the home went for when it last changed hands in 2012, when it sold for $36.5 million.
Sea Lane Malibu Corporation, a Los Angeles-based entity controlled by Jeff Palmer, is selling the estate, property records show. The complex was previously owned by Max Palevsky.
Palevsky was a computer technician who rose to the executive ranks and became a venture capitalist, a role that made him an early investor in Intel Corp. He also joined with several other wealthy executives from the Westside of LA, including television producer Norman Lear, to form what was known as the “Malibu Mafia.” The group first came together in early opposition to the Vietnam War, and went on to fund various liberal causes and political candidates.
Property records trace his ownership of the Malibu estate as far back as 1998, and the property was folded into a trust managed by his children before his death in 2010.
The listing described the estate as “the ultimate in privacy, security and seclusion,” with a private road and 339 feet of beach frontage. The main house on the property totals 16,386 square feet and has features such as a dining room and living room with ocean views, an office, a 14-seat theater and seven fireplaces. Outdoor features include a nine-hole mini-golf course, a tennis court and an infinity pool.
The property adds to the expanding list of home listings in Malibu with reach-for-the-stars price tags. In January, a three-acre estate that was built for muralist Anthony B. Heinsbergen was listed for $65 million. A few months before, Malibu Real Estate Investments listed a spec home on a 22-acre lot above Carbon Beach for $47.5 million.