Beachfront Malibu Home Listed at $15,000 per square foot

Call it the house that Sonic the Hedgehog built.

Stephen Berman, CEO of Jakks Pacific, the Santa Monica toy company which has licenses to make merchandise for Sonic the Hedgehog and Disney characters, listed his Malibu beachfront home at 27320 Pacific Coast Highway for about $40 million on Oct. 3.

Berman’s two-bedroom, two-bathroom, 2,684-square-foot residence pencils out to about $15,000 per square foot, according to the Redfin listing site. It was listed by Kurt Rappaport and Logan Berman of Westside Estate Agency.

Stephen Berman has a son named Logan, according to media reports. It was unclear if the WEA agent is a member of the businessman’s family. Logan Berman did not reply to an email requesting comment by presstime.

The multimillion dollar value of 27320 Pacific Coast Highway derives from its beachfront location. The house has 100 feet of beachfront at the center of sandy beach, according to a listing description.

27320 Pacific Coast Highway is located in Escondido Beach, considered a quiet waterside enclave, according to travel websites. Escondido Beach is located about a five-minute drive from the neighborhood of Malibu Colony Beach, and a 10-minute drive from Billionaire’s Beach, considered the most exclusive address in Malibu.

The house is on the market for the first time in its history, according to a listing site description. Based on about a half-acre of land, the site was available to tear down the beachfront home and build a larger compound, the description said.

In the past month, Malibu real estate has generated headlines of pricey deals and listings. Kim Kardashian paid $70 million for the estate at 33218 Pacific Coast Highway, one of the priciest deals of 2022. 5012 Carbon Beach Terrace, located above Billionaires Beach, recently sold for $38 million. In September, the price was changed to $59 million for 22446 Pacific Coast Highway; in June the mansion was listed for $69 million.

For comparison, while the Berman house is asking about $15,000 per square foot, Kardashian paid nearly $13,300 per square foot for her Malibu home, while th Carbon Beach house fetched a little more than $3,100 per square foot.