Historic Real Estate Deal: Malibu Home Sale Hits Unprecedented $177 Million Mark
Fashion tycoon Serge Azria sold a Malibu, California, oceanfront mansion for $177 million. In addition to breaking records for California, the sale of the property makes it the second most expensive house ever sold in the United States, behind billionaire Ken Griffin’s approximately $238 million acquisition of a penthouse in New York City in 2019.
Before last year, when media magnate David Geffen sold the Warner Estate to Amazon founder Jeff Bezos for $165 million, The Wall Street Journal stated that this transaction was the most expensive in California history.
According to Mr. Azria, the property is situated on two parcels in the Paradise Cove neighborhood of Malibu and has around 7 acres. Records indicate that it was originally owned by a trust associated with Hollywood producer Jerry Weintraub. According to records, Mr. Azria and his spouse, Florence Azria, paid $41 million for it in 2013.
According to Mr. Azria, the home required four years of renovations to be finished. He declined to reveal the buyer’s identity but added, “I’m proud someone wants to pay this kind of price for something I created.”
According to him, the property contains two guesthouses, a spa, and a movie theater in addition to the about 10,000-square-foot main home.
Speaking about his other project, Mr. Azria explained that he chose to sell the house in Bel-Air, which is a Spanish-style home built around 1927. “I’m the kind of person who likes to move on and do something different,” he stated.
In 2012 saw the sale of Dutch LLC by Mr. Azria, the designer of the brands Joie, Equipment, and Current/Elliott. He is the brother of the late Max Azria, who founded the BCBG Max Azria Group design brand.
Westside Estate Agency co-founder Kurt Rappaport represented both parties in the transaction.