An A-list celebrity actor has an extra reason to celebrate the holidays this year….his Malibu Colony beach house just sold for $17,350,000 on Dec 26. 2013.
23736 Malibu Colony Road came on the market back in 2012 for $23m and got a major price drop 7 months later to $18,900,000. The three house compound, originally built in 1927, consist of a large main house by the ocean and two additional guest houses that had ample privacy. On the ocean side was a large deck with room for a dozen chaise lounges, an outdoor firepit, and a real luxury among beach houses….a flat grassy lawn and landscaped yard. The Malibu beach house has high ceilings with exposed wood beams and an open floor plan connecting the outdoor living spaces. Other details include a modern gym, a second kitchen in one of the guest houses, hardwood floors, and plenty of windows framing the ocean views.
The home sits on a portion of Malibu Road that we refer to as “outside the gates” of the Malibu Colony. This one is unique in that you could still access the inside portion of the Colony via a side gate and had the option of belonging to the association. Homes on this section of Malibu Road tend to to sit on some of the largest lots in the area. Lots here can be 2 to 3 times deeper in length than the beach homes “inside the gates”. That alone adds tremendous value but even more is that fact that the beach here is extra deep too and stays drys at almost any tide. A few hundred feet down from this home are beach houses that have no beach at all at high tide and having a “Dry beach” or “Wet Beach” can affect prices by 30% or more in Malibu.
The home had a solid rental history with summer rents as high as $175,000 per month an ample demand. Off season rates ran $75,000 per month.
I had a client interested in the property but was unable to fly out soon enough to see it. When I called to gather some intel the listing broker had sad there had been multiple offers and that the “seller” was holding out for a solid offer. It sounded to me that a few “low ball” offers were submitted but only one buyer was willing to step up in to the $17m range to close the deal.
Public records show an purchase price of $6m back in 2002.
Check out our Malibu Colony information page with current listings.
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