Villa Above Malibu’s Billionaire Beach Sells for $32M

A spec mansion perched above Malibu’s Billionaire’s Beach has sold for $32 million, after initially testing the market with a nearly $50 million asking price.

The estate was first listed in 2019 for $50 million, fully furnished. More recently, it was re-listed in February for $38 million.

The property, named Villa Splendido, sits on a 17-acre lot at 5046 Carbon Beach Terrace. It has five bedrooms and nine bathrooms and boasts a private driveway from Pacific Coast Highway, ocean views, infinity pool with a swim-accessible bar, guest house and wellness center that includes a gym and massage room.

Douglas Elliman’s Ani Dermenjian and Westside Estate Agency’s Kurt Rappaport were the listing agents. It’s unclear who represented the buyer, which property records show is a Texas-based LLC.

Malibu Real Estate Investments, led by Kirkor Suri and Bedros Oruncakiel, built Villa Splendido. Although the duo behind the development got their start in commercial real estate, they transitioned to residential in 2000, with ambitious plans to “conquer the Malibu residential real estate market,” their company’s website states.

Villa Splendido’s sale marks yet another trade in a year of blockbuster deals for Malibu.

Spec developer Scott Gillen closed earlier this month on the $61 million sale of The Edge. It marks the first sale within Gillen’s five-estate community, named The Case. The Edge, at 24186 Case Court, was first listed in 2020 for $75 million.

In June, Crown Pointe Estates at Malibu kicked off the month’s activity, selling its net-zero carbon spec home for $28.5 million. Laurene Powell Jobs later scooped up her fourth Malibu property for $94 million. There was also the sale of Oakley founder Jim Jannard’s Pacific Coast Highway estate, which reportedly sold to an unidentified Delaware LLC for a record $210 million.