Location: Pacific Coast Highway, Malibu, CA
Square Footage: 20,000
Bedrooms & Bathrooms: 8 bedrooms & 14 bathrooms
Sales Price: $75,000,000
In what is a record deal, billionaire Harold Marks has sold his Malibu, CA oceanfront estate for a whopping $75,000,000. This makes it the highest price ever paid for a residential property in Malibu, closely passing the $68 million sale of Nancy Daly Riordon’s Carbon Beach mansion in 2008. Harold, who is the money manager behind Oaktree Capital Management (a Los Angeles based publicly-traded alternative asset management firm), was quietly shopping around the grand estate off the market for an estimated $125 million. Marks purchased the property for $31 million back in 2002 from the estate of late Herbalife founder Mark Hughes. He then spent 7 years completely renovating it. It is located off of Pacific Coast Highway and is situated on 9.5 acres with more than 300 feet of ocean frontage. The 20,000 square foot Mediterranean villa style mansion was designed by Ferguson & Shamamian Architects and features 8 bedrooms and 14 bathrooms. The estate also features two gated entrances, two guesthouses, a gym building, tennis court and a swimming pool.
Tidbit – Harold isn’t a stranger to high-priced real estate. n May, he spent $52.5 million a duplex co-op at 740 Park Ave., and two months later he listed his apartment at the Ritz Carlton for $50 million.
*Thanks to HOTR reader Randy for the tip!