The most expensive home on Malibu’s famous Billionaire’s Beach holding the new Los Angeles County record has sold for $110 million to natural gas billionaire Michael S. Smith and his wife, Iris Smith. Hotelier Peter Morton has sold his oceanfront property in Malibu’s Carbon Beach aka Billionaire’s Beach. The half-acre property on Pacific Coast Highway is comprised of two parcels with two structures and more than 100 feet of beach. The $110 million price is for the home only, eg furniture and/or artwork was not included in the sale to sweeten the deal.
Morton, the Hard Rock Cafe co-founder, had no intention of selling the property when the subject was brought up to him two years ago. He eventually gave in since he spends most of his time on the east coast in the Hamptons in New York.
Jack Pritchett, co-founder of Malibu-based brokerage Pritchett-Rapf Realtors, said the following,
“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. We can say $110 million is a joke, but you can’t find multiple-lot properties like Morton’s.”
Morton, 70, acquired the two properties over the last three decades in separate transactions totaling $5.6 million and commissioned architect Richard Meier to design the beach compound. The compound is comprised of rich teak wood, the main house and guesthouse combined offers seven bedrooms, nine bathrooms, around 8,000 square feet of living space as well as wrap-around balconies centered towards the ocean. All of the shutters and windows throughout the contemporary structures are automated. The grounds are comprised of a swimming pool and a courtyard garden with wood-plank walkways that connect the structures as well as lead to the beach.
A limited supply of homes on the market has continued to drive up price appreciation throughout the Southland. In March, median home prices in Southern California climbed 8.4% from a year earlier, setting a new all-time high. The same goes for the luxury market, particularly in leading sub-markets such as Malibu as Carbon Beach has long been an appealing address.
Source: Los Angeles Times