In a historic deal, billionaire enterprise capitalist Marc Andreessen has paid $177 million for a sprawling property in Malibu. It’s probably the most ever paid for a house in California, shattering the earlier document set by Jeff Bezos final 12 months.
Information present the vendor was Serge Azria, a style mogul behind clothes strains similar to Joie and Gear. He purchased the seven-acre property for $41 million from late movie producer Jerry Weintraub in 2013 and had been quietly buying it round for $218 million.
Kurt Rappaport of Westside Property Company, who dealt with each ends of the deal, couldn’t be reached for remark.
Andreessen is an investor and software program engineer who co-founded the Silicon Valley enterprise capital agency Andreessen Horowitz in 2009 and co-created Mosaic, one of many first internet browsers. Forbes pegged Andreesen’s web price at $1.6 billion on the shut of market buying and selling Friday.
He additionally owns a house in Silicon Valley, however his new place is way greater. Photographs are scarce, because the house was by no means listed on the A number of Itemizing Service, however aerial pictures present that the property sits on an extended, slender lot that stretches from Pacific Coast Freeway to the ocean about midway between Paradise Cove and Escondido Seashore.
The property makes probably the most of its area, squeezing in a number of guesthouses, guard homes, a swimming pool and field backyard. Perched on the fringe of the property, the principle home overlooks the ocean from a number of patios and terraces. A winding path descends to the seashore.
The home neighbors an enormous trendy compound owned by the property of William Bell and Lee Phillip Bell, the late husband and spouse who collectively created the sitcoms “The Younger and the Stressed” and “The Daring and the Lovely.” Kevin Garnett’s half-finished home, which he offered over the summer season for $16 million, sits throughout the road.
The mammoth deal is the cherry on high of this 12 months’s record-setting actual property market in Southern California. The area’s median gross sales value has soared to an all-time excessive, however the ultra-luxury market has been a bit quieter than common, with no gross sales north of $100 million.
The $177-million value beats out the earlier California document, set final 12 months when Bezos paid $165 million for David Geffen’s famed Warner property in Beverly Hills. It’s additionally the second-priciest house sale ever within the U.S., behind Ken Griffin’s $238-million buy of a New York Metropolis penthouse overlooking Central Park.
That is the third straight 12 months that the California document has been toppled. Earlier than Bezos, Bel-Air’s “Beverly Hillbillies” mansion held the highest spot after media mogul A. Jerrold Perenchio offered it to Lachlan Murdoch for $150 million.
The sale additionally redefines the excessive finish of the Malibu market, which has all the time seen dear gross sales however hasn’t fairly reached the heights of offers in tony Westside communities similar to Beverly Hills and Bel-Air. Beforehand, the Malibu document was held by hotelier Peter Morton, who offered his oceanfront compound on Billionaires Seashore to pure gasoline billionaire Michael S. Smith for $110 million in 2018.