Sprawling Malibu Spec House Sells for $38 Million

A deal has closed for one of Malibu’s pricier listings, the $38 million mansion at 5012 Carbon Beach Terrace.

The 12,000-square-feet property sold for $3,123 per square foot on Sept. 21. The mansion overlooks Billionaire’s Beach, the exclusive beachfront that has served as an address for wealthy people such as Larry Ellison, David Geffen and Dr. Dre.

The five-bed, nine-bath estate was recently listed for just under $40 million, or $3,285 per square foot. The listing was held by Ani Dermenjian of Douglas Elliman and Kurt Rappaport of Westside Estate Agency. Representing the buyer was Santiago Arana and Amir Mostame of The Agency. The buyer’s identity was not disclosed.

In November 2021, the house was listed at $47.5 million. On May 25, there was a price drop of more than 15 percent to about $40 million.

The estate at 5012 Carbon Beach Terrace was developed on spec by Malibu R.E. Investments in Woodland Hills, helmed by Kirkor Suri. It commands a veritable king’s ransom because the property stretches to 21 acres, said Susan Monus of Coldwell Banker Realty. The Malibu-headquartered Monus is familiar with the estate, but she did not work on the deal.

“It’s a large custom home on a huge amount of acreage,” Monus said. “It makes a big difference.”

Privacy is another selling point for houses above the beach. Monus said that the Billionaire’s Beach homes are built relatively close to each other, they don’t have as high of a degree of privacy.

However, beachfront homes on Billionaire’s Beach fetch the highest prices in Malibu. A home located at 21808 Pacific Coast Highway closed for $40 million in January, but it sits on a mere half acre of land. The house’s 127 square feet of frontage on what is considered Malibu’s most exclusive beach sends the listing to a high price point.

Another pricey listing in Malibu, 33218 Pacific Coast Highway, was recently bought by reality TV star Kim Kardashian for $70 million. The initial ask was for $89 million, according to the Zillow listing site. It is one of Los Angeles County’s priciest listings because it has a beachfront address, Monus said. It rests on a 3-acre estate.

5012 Carbon Beach Terrace offers architectural details such as a glass staircase. Amenities include a fitness center, a hair salon, an infinity pool and jacuzzi, a cinema, as well as grounds outfitted with fire pits.