New Record on Billionaire’s Beach
Owned by hotel magnate Peter Morton, the sale surpassed the previous county record of $100 million, which occurred twice in the Holmby Hills area in 2016, (the Playboy Mansion was one of them.) Peter Morton purchased two properties in separate transactions years earlier and hired architect Richard Meier to design the new home.
The property is located on a half-acre on Pacific Coast Highway and comprised two structures with over 100 feet of ocean frontage. The compound features a main house and guest house, which combine to offer seven bedrooms, nine bathrooms, and approximately 8000 square feet of living space. Brandon & Rayni Williams, Hilton & Hyland, represented Peter Morton in the sale.
Los Angeles home prices are reaching all-time highs, and the number of $1 million dollar homes has quadrupled since 2002.
However, the rising home prices aren’t scaring off buyers. Even celebrities are buying up new properties, like Ben Affleck’s $20M bachelor pad.
They’re expected to continue to climb as the strong job market and tight inventory continue to drive the prices to new highs.
Just the other day, Southland’s 6 Counties—Los Angeles, Orange, Riverside, San Bernardino, San Diego, and Ventura—just hit all-time high median home prices.
Here’s a list of homes that have sold over $20 million in Malibu since 2007:
MALIBU – 10-Year CLOSED SALES | $20M+ | Single-Family Residence
| Address | Bed | Bath | SqFt | List | Close | $/SqFt | Date |
|---|---|---|---|---|---|---|---|
| 11846 Ellice Street, Malibu 90265 | 7 | 11 | 9636 | $22,900,000 | $20,000,000 | $2,075.55 | 7/11/2017 |
| 33360 PCH, Malibu 90265 | 4 | 4 | 4636 | $22,500,000 | $20,000,000 | $4,314.06 | 9/22/2017 |
| 23916 Malibu Road, Malibu 90265 | 3 | 4 | 3640 | $14,995,000 | $20,000,000 | $5,494.51 | 8/6/2014 |
| 7377 Birdview Ave, Malibu 90265 | 7 | 6 | 10180 | $27,000,000 | $21,000,000 | $2,062.87 | 4/9/2012 |
| 27960 PCH, Malibu 90265 | 4 | 4 | 6445 | $24,950,000 | $21,000,000 | $3,258.34 | 9/18/2015 |
| 23808 Malibu Road, Malibu 90265 | 6 | 6 | 5000 | $23,950,000 | $21,475,000 | $4,295.00 | 9/29/2010 |
| 22144 PCH, Malibu 90265 | 3 | 4 | n/a | $25,000,000 | $21,975,000 | n/a | 4/28/2008 |
| 30460 Morning View, Malibu 90265 | 5 | 12 | 10270 | $24,950,000 | $23,000,000 | $2,239.53 | 9/3/2014 |
| 29208 Cliffside Drive, Malibu 90265 | 7 | 8 | 7674 | $25,750,000 | $23,000,000 | $2,997.13 | 9/14/2017 |
| 24860 PCH, Malibu 90265 | 7 | 9 | 10000 | $26,995,000 | $24,000,000 | $2,400.00 | 12/8/2017 |
| 31250 Broad Beach Road, Malibu 90265 | 6 | 10 | 11413 | $29,995,000 | $24,150,950 | $2,116.09 | 3/13/2017 |
| 21808 PCH, Malibu 90265 | 6 | 9 | 9508 | $29,995,000 | $25,000,000 | $2,629.36 | 10/3/2014 |
| 7061 Birdview Avenue, Malibu 90265 | 6 | 9 | 9130 | $28,995,000 | $27,250,000 | $2,984.67 | 9/13/2016 |
| 23324 Malibu Colony Road, Malibu 90265 | 5 | 6 | 6913 | $29,950,000 | $27,250,000 | $3,941.85 | 10/3/2006 |
| 22426 PCH, Malibu 90265 | 4 | 5 | n/a | $33,500,000 | $27,250,272 | n/a | 8/3/2007 |
| 29150 Cliffside Drive, Malibu 90265 | 7 | 9 | 14426 | $34,500,000 | $33,500,000 | $2,322.20 | 8/25/2014 |
| 28060 Sea Lane Drive, Malibu 90265 | 7 | 9 | 11313 | $45,000,000 | $36,500,000 | $3,226.38 | 12/28/2012 |
| 22314 PCH, Malibu 90265 | 9 | 13 | 10317 | $40,000,000 | $36,943,890 | $3,580.88 | 9/24/2012 |
| 22506 PCH, Malibu 90265 | 7 | 8 | n/a | $52,000,000 | $38,000,000 | n/a | 3/23/2018 |