A Point Dume property, known as “May’s Landing,” on Cliffside Drive, came on the market earlier this week. The home, built in 1949, was donated to the UCLA Board of Regents when the original owner passed away. Of all the properties I’ve seen over the years, this is the one that has the most potential to be developed into a property with a huge upside. I would estimate that a well done finished home could easily go into the mid $25m range when completed, especially with the recent market activity we’ve seen on the bluffs. A very similar property, with an original 1940’s home in even worse condition, sold for $16m back in 2009. In 2011, I sold a vacant lot a few doors down from this for almost $11m. It has a home being built on it now that, when complete, could easily be valued in the mid $25m range.
Offers will be submitted in sealed envelopes and opened on May 21, 2013, with the highest bidder winning the property. Call for an immediate showing. 310 699 8428
From the MLS…”MAY’S LANDING. AN HISTORIC PROPERTY SITUATED ON ONE OF MALIBU’S GREATEST BLUFF LOTS. UNIVERSITY OWNED AND NOW AVAILABLE FOR THE FIRST TIME IN MANY YEARS. LOCATED AT THE COVETED EAST END OF PRESTIGIOUS CLIFFSIDE DR., AND PERCHED ON A PROMONTORY OVER THE OUTER MOST POINT OF LITTLE DUME. A PRIVATE 1.3 ACRE PARADISE COMPLETE WITH VINTAGE SEASIDE COTTAGE, DEEDED BEACH RIGHTS, MATURE TREES, MEANDERING GARDENS AND WALKWAYS. OFFERING ABSOLUTELY BREATHTAKING OCEAN VIEWS – LOOKING STRAIGHT DOWN INTO THE WAVES AT LITTLE DUME AND ACROSS THE ENTIRE SANTA MONICA BAY TO THE TWINKLING CITY LIGHTS BEYOND. THIS IS THE TYPE OF PROPERTY THAT RARELY COMES ALONG, AND WHEN IT DOES, IT OFFERS UP THE UNIQUE INGREDIENTS TO CREATE SOMETHING TRULY SPECIAL AND EXTRAORDINARY…LIKE ONE OF WORLD’S ELITE BLUFF ESTATES.”
Check out the video below where I talk a bit more about the unique views this home has.
Courtesy of Mark Gruskin WEA