Billionaire Howard Marks Unloads Malibu Estate for About $75 Million
By Lauren Schuker Blum
Billionaire investment manager Howard Marks has sold his 9.5-acre estate in Malibu for roughly $75 million, according to several people familiar with the matter. A Russian billionaire couple were the buyers, these people said.
The home, which was being quietly shopped for around $125 million but was never formally listed, is one of the largest pieces of oceanfront property in Malibu, with more than 300 feet of beach frontage. The main house spans about 15,000 square feet, with eight bedrooms and 14 bathrooms. There are also three satellite structures on the property, including two guesthouses and a gym.
At the end of 2008, Mr. Marks, chairman of Los Angeles-based Oaktree Capital Management, and his wife Nancy completed a major seven-year renovation of the property with Michael Smith, the designer who redid the White House Oval Office a few years ago. They also re-landscaped the grounds and redid the swimming pool, which is on the ocean side. The Marks also worked closely with Mr. Smith in designing their two apartments in New York.
According to public records, Mr. Marks and his wife Nancy bought the home in 2002 for $31 million from the estate of Herbalife founder Mark Hughes, who died in 2000. At the time, they also bought an adjacent property.
Fred J. Bernstein of Westside Estate Agency represented the sellers.
The price is among the highest ever paid in the U.S. for a single-family home. According to luxury broker Jeff Hyland, the Howard Marks transaction represents the most expensive sale on record in Malibu, at $75 million.
It is also the second most expensive home sale in Southern California, brokers say, right behind the $85 million sale of a Beverly Hills mansion in 2011 to Petra Ecclestone, which Mr. Hyland and his partner Rick Hilton brokered for Candy Spelling. It is the third most expensive home sale in California, behind the Spelling transaction and a 2011 deal in which Yuri Milner paid $100 million for a home in Los Altos Hills.
Billionaire Howard Marks Unloads Malibu Estate for About $75 Million.