$110-Million Home Sale in Malibu Sets New Record for Los Angeles County

The most-expensive home on Malibu’s famed Billionaire’s Beach has found a buyer for what will become the most expensive home sale ever for Los Angeles County.

The home will sell for $110 million.

via Los Angeles Times:

It’s an astronomical sale even in the world of luxury real estate. The previous county record was $100 million, which was hit twice in 2016: for the sale of the Playboy Mansion in Holmby Hills, and for a mega-mansion built on speculation in the same neighborhood.

The Malibu sale, expected to close Tuesday, is the latest huge deal for the exclusive beachfront city, where two $85-million sales have closed in the last year and a half.Long a local getaway for Hollywood’s elite and, more recently, a favorite haven and investment area for tech entrepreneurs, Malibu continues to open pocket books. If only there were more of it to go around.

“There are never going to be that many giant sales [in Malibu], because there are only so many homes that have a lot of beachfront and multiple parcels,” said Jack Pritchett, co-founder of Malibu-based brokerage Pritchett-Rapf Realtors. “We can say $110 million is a joke, but you can’t find multiple-lot properties like Morton’s.”

Squeezed between two homes owned by Oracle Corp. co-founder Larry Ellison, the half-acre property on Pacific Coast Highway comprises two parcels with two structures and more than 100 feet of beach frontage.

Morton, 70, acquired the two properties over the last three decades in separate transactions totaling $5.6 million, public records show, and commissioned architect Richard Meier to design the compound.

Wrapped in rich teak wood, the main house and guesthouse combine to offer seven bedrooms, nine bathrooms and about 8,000 square feet of living space. Shutters and windows throughout the contemporary homes are automated, and wrap-around balconies are centered toward the ocean.

A swimming pool and a courtyard garden filled with native beach landscaping make up the grounds. Wood-plank walkways connect the structures while leading to the shoreline.

Hilton & Hyland agent Brandon Williams, who teamed with his wife, Rayni, to sell Morton’s home, said the Hard Rock Cafe co-founder had no intention of selling property when Williams first broached the topic two years ago.

Morton was hesitant at first, Williams said, but the real estate agent knew the hotelier was spending most of his time in the Hamptons in New York.

“I’d worked with Peter before. This was my eighth or ninth deal with him,” Williams said. “He trusted me.”

Williams asked for a number; Morton came back with $110 million.

What followed was a two-year courtship of the buyers that included multiple showings and saw them leasing the property for an extended period of time. Barry Peele of Sotheby’s International Realty represented the Smiths in the sale.

Smith is the chairman and chief executive of Freeport LNG Development, a Texas energy company that offers vacuum-insulated gas transfer lines, regasification services and storage facilities for liquefied natural gas. He previously served as president of both the Colorado Oil & Gas Assn. and Basin Exploration Inc.

Williams confirmed that the $110-million price is for the home only; furniture and artwork, negotiated items often used as deal sweeteners in the high-end market, were not included in the sale.

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