An unexpected buyer has emerged in the sale of late billionaire A. Jerrold Perenchio's valuable Malibu real estate portfolio: the city of Malibu.
The city council unanimously voted to buy three land parcels, totaling about 30 acres, for $42.5 million. Estimates value the total for all eight parcels, about 71 acres, at $150 million.
The largest of the three parcels Malibu is buying, an 18.5-acre plot near Point Dume, will go for $18.2 million. The most expensive of the trio, a 9.5-acre plot near the Malibu Country Mart, will sell for $21.1 million. The smallest of the bunch, a 1.1-acre plot at the intersection of Webb Way and Civic Center Way, will sell for $3.2 million.
All three are commercially zoned.
According to a report from the city, the seller, Perenchio's Malibu Bay Company, sought to move all eight parcels as a single package but agreed to sell the three properties separately upon the city's request.
"Undeveloped land anywhere in Malibu is rare, and its value cannot be quantified in dollars alone," Mayor Rick Mullen said in a news release. "By acquiring this land we will be making sure that this great treasure, our community's heritage, will benefit the future generations of Malibu."
Some of the property may be used to meet the unmet demand for parking, the release said.
The package hit the market late last year for the first time in three decades.
Following his death last May at 86, the former Univision CEO's properties have been sprouting up for sale across the city. His oceanfront Mediterranean in Malibu Colony is currently on the market for $13.95 million.
In addition, his former home in Bel-Air, a French Neoclassical-style mansion, has a $350-million asking price. It's the most expensive residential listing in the country.
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