Deals are to be had once again in Malibu, even on the beach. Here is a home that hit the market in late 07 for $6,000,000. The home is located in the guard-gated enclave knows as the Malibu Cove Colony near Geoffrey’s restaurant. The home needed some work but has great views of Point Dume, is in the Paradise Cove Bay where it lies protected from the afternoon northwesterlies, and is in a neighborhood of $5-6 mil. homes that rent for $40-60k per month in the summer. Over the course of 11 months, the home had 5 major price reductions and has just closed at $3,500,000.