Marisol Malibu

In an area known for record breaking home prices, Malibu real estate has yet again exceeded its highest prices with the sale of hotel mogul Peter Morton’s Malibu beach house. Sold for a substantial $110 million, the sale takes the place of David Geffen’s sale of his Malibu real estate property for $85 million and the sale of the PlayBoy mansion which sold for $100 million in 2016 – the highest real estate price in all of Los Angeles county.

Morton’s Malibu land and home were purchased by Michael S. Smith, a Canadian billionaire who made his fortune in the natural gas industry and is CEO of Freeport LNG, offered Morton the sum as part of an off-market sale. Smith also paid $110 million for his home in East Hampton, New York.

 

Features of the Home

 

Designed by Richard Meier, an architect known for his work with celebrities and other high-profile figures, the Malibu beach house and estate include both a main home and guest house, with 5 and 3 bedrooms respectively. Meier, who has designed may notable contemporary Malibu homes, included elements of glass and teak wood.

 

Record Breaking Price Per Square Foot

 

Not only will the home set a new record for total home price, it is also the most expensive per square foot. While the 8,000 square foot Malibu home is hardly a small residence, it is still considerably more diminutive than nearby estates. Despite this, each of those square feet will equal over $13,000 apiece.

 

Future Sales

 

Despite the hefty price tag, the Malibu real estate deal may not be the highest sale in Los Angeles county for very long. With a variety of new mansions with price tags over $100 million and the $350 million mansion of billionaire Jerry Perenchio on the market, it is likely that we may see another mega sale soon.