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Gateway co-founder Ted Waitt buys Malibu estate from designer James Perse

An aerial view shows the estate on a 1.25-acre bluff in Malibu's Point Dume area.
The estate, which was sold by fashion designer James Perse, sits on a 1.25-acre bluff in Malibu’s Point Dume area.
(NearMap)

Tech billionaire Ted Waitt, who in the ’80s co-founded the computer hardware giant Gateway Inc., has bought a Malibu estate from fashion designer James Perse for $34.2 million, according to sources not authorized to comment on the deal.

Perse had owned the estate for about a decade, according to property records. The off-market sale closed in mid-June but only just surfaced in the public record.

Set on a 1.25-acre bluff in the Point Dume area, the single-story contemporary has sweeping ocean views from the interior of the home, the deck and the grounds.

Surfboard accent pieces and furniture from Perse’s home collection combine with light hardwood floors and wood-trimmed walls and ceilings for a casual vibe. Living areas include an open living/dining area, a chef’s kitchen and a game room/den. There are four bedrooms and five bathrooms plus a detached guesthouse.

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Outside, in addition to rolling lawns and a spa, there’s an outdoor kitchen. At the far end of the property, a gated staircase descends to the beach below.

The home surfaced for sale last year at $40 million but was more recently offered for lease at $125,000 a month, according to the Multiple Listing Service.

Waitt co-founded Gateway on his family’s cattle ranch in North Dakota. He left the company in 2005. Among the wealthiest self-made Americans, he operates the Avalon Capital Group, a private investment firm, along with multiple philanthropic enterprises.

Perse, the son of Maxfield founder Tommy Perse, launched the T-shirt line that would become the cornerstone of his brand in 1994 and opened his first retail store in 2003. In addition to clothing, he has grown the eponymous lifestyle brand to include linens and furniture


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