By Lauren Beale, Los Angeles Times
4:08 PM PST, January 7, 2013
Topping any L.A. area home sales last year, a 9.5-acre estate in Malibu owned by billionaire Howard Marks and his wife, Nancy, has sold in the $75-million range in an off-market deal.
The exact sales price and sales date have not been disclosed. It can be several weeks or more before a transaction appears in the public records.
The property includes a 15,000-square-foot main house of eight bedrooms and 14 bathrooms, two guesthouses, a gym, a swimming pool and more than 300 feet of beach front.
Marks is chairman of Oaktree Capital Management, which he co-founded. The Los Angeles investment firm has owned about 23% of Tribune, including the Los Angeles Times, since it emerged from bankruptcy.
The Markses bought the home in 2002 for $31 million, according to public records. The seller was the estate of Herbalife founder Mark Hughes. They also bought an adjacent 2.5-acre property.
Fred J. Bernstein of Westside Estate Agency had the pocket listing.
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