It’s an astronomical sale even in the world of luxury real estate. The previous county record was $100 million, which was hit twice in 2016: for the sale of the Playboy Mansion in Holmby Hills, and for a mega-mansion built on speculation in the same neighborhood.
The Malibu sale, which is expected to close Tuesday, is the latest huge deal for the exclusive beachfront city, where two $85 million sales have closed in the last year and a half.
Long a local getaway for Hollywood’s elite and, more recently, a favorite haven and investment area for tech entrepreneurs, Malibu continues to open pocket books.
“There are never going to be that many giant sales (in Malibu) because there are only so many homes that have a lot of beachfront and multiple parcels,” Jack Pritchett, co-founder of Malibu-based brokerage Pritchett-Rapf Realtors, told The Times. “We can say $110 million is a joke, but you can’t find multiple-lot properties like Morton’s.”
Squeezed between two homes owned by Oracle Corp. co-founder Larry Ellison, the half-acre property on Pacific Coast Highway comprises two parcels with two structures and more than 100 feet of beach frontage, according to The Times.
Morton, 70, acquired the two properties over the last three decades in separate transactions totaling $5.6 million, public records show, and commissioned architect Richard Meier to design the compound.