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David Geffen unloads home on Billionaires’ Beach for $8 million

David Geffen unloads home on Billionaires’ Beach for $8 million
After selling his Malibu compound for a record $85 million, entertainment mogul David Geffen has sold another home in the area at a loss. (Jason DeCrow / Associated Press)

Music and movie mogul David Geffen, fresh off the $85-million sale of his Malibu compound, has sold another home in the beach community for $8 million, according to the Multiple Listing Service.

The oceanfront home, built in 1956, sits on "Billionaires' Beach," a stretch of the Pacific Coast Highway known for wealthy homeowners such as Larry Ellison, Eli Broad and Jeffrey Katzenberg.

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Entered through a gated courtyard, the 1,473-square-foot house includes a living room with a fireplace, a kitchen, two bedrooms and two bathrooms. Glass doors in the dining area open to a surf-facing deck that overlooks 45 feet of beach frontage.

James Rapf of Pritchett-Rapf & Associates and Kurt Rappaport of Westside Estate Agency were the co-listing agents. Chris Cortazzo of Coldwell Banker represented the buyer.

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Geffen, creator of Geffen Records and co-founder of DreamWorks Studios, bought the property a decade ago for $9.8 million, records show. It had been listed for $8.995 million.

The 74-year-old has an estimated net worth of $7.7 billion, according to Forbes.

Twitter: @LATHotProperty

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