Attention Larry Ellison: A $23 Million House On Billionaires’ Beach Coming To Market
Built in 1976, the oceanfront abode has four bedrooms, six baths and an oceanfront pool with spa. (Credit: Jeff Elson)
For years now, Larry Ellison, Oracle chief and America’s third richest man, has been bullish on Malibu’s Carbon Beach. In November he bought producer Jerry Bruckheimer‘s three-bed, three-bath bungalow for an undisclosed price, a mere two months after shelling out $36.9 million for former Yahoo chief Terry Semel’s 10,300-square foot Michael Graves-designed compound nearby. The deals pushed his Carbon Beach holdings into the double-digits, though some brokers familiar with the area (and his real estate portfolio) say he owns more like a dozen properties on the sandy strip.
Well, another home is hitting the sale block in case the tech titan wants to keep collecting.
Listed for $22.5 million, 22446 Pacific Coast Highway touts 4,797 square feet of living space designed by Buff & Hensman on 70 feet of beach frontage. Built in 1976, the oceanfront abode has four bedrooms, six baths, a home theater, an oceanfront pool with spa and a Zen garden. There’s also covered parking for up to eight cars. Like so many of its neighbors, the home touts Modern design aesthetic with walls of glass facing the Pacific Ocean.
Having a Buff & Hensman house adds a whole different cache to the property. The way the architect envisioned and created the space is amazing with the Zen gardens and a tropical courtyard,” says Christopher Damon of Coldwell Banker Previews International. He shares the listing with fellow Previews agents Joyce Rey, Chris Cortazzo and Bruce Mibach.
22446 Pacific Coast Highway is owned by Jack Roth, chief executive of Admarketing, a Los Angeles-based advertising firm. Roth purchased the Carbon Beach spread for $1.45 million in 1985, according to public records.
Carbon Beach is Malibu’s most coveted swath of sand. The world’s wealthiest pay top dollar for relatively small parcels, earning it the nickname Billionaires’ Beach. Extending about a mile and a half along the Pacific Coast Highway, the tony enclave is comprised of 70 lots crammed with beach houses belonging to billionaires like David Geffen, Haim Saban, Eli Broad, Paul Allen and Gerald Schwartz. And of course, Larry Ellison. Other well-heeled homeowners include DreamWorks chief Jeffrey Katzenberg, film producer Joel Silver, and music manager (and longtime resident) Lou Adler.
One thing Carbon Beach does not have, however, is celebrities. Since Courteney Cox and David Arquette sold their John Lautner-designed spread for $27.3 million in 2007, the strip has remained the domain of business moguls and Hollywood’s behind-the-scenes power players. (The glitterati can be found further up the road in the Malibu Colony.)
Homes on Billionaires’ Beach aren’t priced by square foot either. Brokers typically value these properties by price per front foot, or the amount of beach frontage. Prices per front foot start upwards of $200,000, depending on the accompanying home. Based on this metric, the Contemporary breaks down to more than $320,000 per front foot.
The listing debuts during the beach city’s busy selling season, which typically spans February through June. Luxury homes in Malibu’s market have been moving dramatically since the second half of 2012. From September through the first 10 days of January, 20 homes fetched $5 million or more. Since the beginning of 2013, Malibu has logged four sales of $36 million or more, including a record $75 million deal in which billionaire Howard Marks sold his compound to a Russian couple.
“In the last two weeks we have had a big influx of foreign buyers from Asia and Europe,” says Chris Cortazzo, whose specialty is the Malibu market. He closed $85 million in sales in Malibu during the month of December alone.
As for marketing the newly listed Carbon Beach property: “We don’t want to give up on Larry, but we will broaden our horizon here too,” chuckles co-listing agent Joyce Rey.
Let’s see if the listing lures yet another 10-figure fortune to Billionaires’ Beach.