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.
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.