Advertisement
Hot Property

A $110-million splash in Malibu was the whale of all L.A. sales in 2018

JAN. 19, 2019 - HOT PROPERTY TOP SALES 2018 ñ Peter Morton sold his home on Carbon Beach in April.
Peter Morton sold his home on Carbon Beach in April 2018 for a record $110 million.
(Al Seib / Los Angeles Times)

It was a year of new price heights for Los Angeles’ red-hot luxury housing market. But for all the $100-million spec homes and billion-dollar mountaintops debuted last year, off-market deals registered the biggest surprises.

Coastal communities such as Malibu and Pacific Palisades saw price records, while ZIP Codes in the Santa Monica and Beverly Hills areas remain among the most coveted, according to median sales data.

Of the top home sales, more than a dozen surpassed the $30-million mark in 2018. One even eclipsed nine figures. Here’s a closer look at L.A. County’s biggest sales of the year.

$110 million — Malibu

Advertisement

Hard Rock Cafe co-founder Peter Morton in April sold his oceanfront home on Pacific Coast Highway to natural-gas billionaire Michael S. Smith and his wife, Iris Smith, for $110 million. The price was not only the high for the year but also a new L.A. County record for single-family home sales.

The Malibu compound comprises two parcels totaling a half-acre with two structures and more than 100 feet of frontage on tycoon-studded Billionaires’ Beach.

Designed by architect Richard Meier, the main house and guesthouse feature teak wood siding, automated shutters and windows and wraparound balconies that face the ocean. The two homes combine for about 8,000 square feet of living space with seven bedrooms and nine bathrooms.

The grounds include a swimming pool and courtyard.

Advertisement

Daryl Katz, the billionaire owner of the Edmonton Oilers franchise, in February concluded an off-mar
Daryl Katz, the billionaire owner of the Edmonton Oilers franchise, in February concluded an off-market deal to buy the Malibu estate of Westside real estate agent Kurt Rappaport for $85 million.
(Steve Shaw / Steve Shaw)

$85 million — Malibu

Daryl Katz, the billionaire owner of the Edmonton Oilers franchise, in February concluded an off-market deal to buy the Malibu estate of Westside real estate agent Kurt Rappaport for $85 million.

Set on a five-acre bluff on Pacific Coast Highway, the monolithic-vibe house maintains a clean aesthetic and maximizes the ocean view.

Horizontal lines, black granite tile and board-formed concrete walls are among features of the 9,000-square-foot house.

The home, completed in 2012, has six bedrooms and seven bathrooms, tax records show. There are two guest suites, plus an infinity-edge swimming pool. A large swath of lawn and minimalist landscaping complete the coastal setting.

In May, the North Carolwood Drive estate of late Paramount Pictures Chairman and Chief Executive Bra
In May, the North Carolwood Drive estate of late Paramount Pictures Chairman and Chief Executive Brad Grey sold for about $8.7 million less than the asking price. The buyer was a limited liability company tied to billionaire investor Bruce Karsh.
(Simon Berlyn)

$68.822 million — Holmby Hills

Advertisement

In May, the North Carolwood Drive estate of late Paramount Pictures Chairman and Chief Executive Brad Grey sold for about $8.7 million less than the asking price. The buyer was a limited liability company tied to billionaire investor Bruce Karsh.

The wood-clad residence, which draws inspiration from modern- and farmhouse-style architecture, features 12,800 square feet of living space, a barn-inspired great room, a home theater and five bedrooms.

A raised bridge connects the main house to a two-story recreation facility, which has two gyms and a blue-bottomed swimming pool. A dining courtyard, olive trees, an organic orchard and vegetable and herb gardens complete the setting.

$66.25 million — Beverly Hills

Hitting the market in May for $85 million, an updated and expanded version of Danny DeVito and Rhea Perlman’s former home sold three months later for $18.75 million less. The buyer was James Packer, the Australian businessman and son of media mogul Kerry Packer.

Set on more than an acre on Ridgedale Drive, the compound includes a massive main house, two guesthouses and an entertainment building. The structures combine for about 29,000 square feet of living space.

The main house, designed in French country style by Robert DeYoung, features a projection room, an art studio, a bar, a den and a wine cellar.

Outside, a covered pavilion sits adjacent to a swimming pool.

Advertisement

$56 million — Bel-Air

A French chateau-inspired mega-mansion built by controversial real estate developer Mohamed Hadid sold in May for $29 million less than its original asking price. The buyer of the property was a corporate entity tied to investor and entrepreneur Max Fowles-Pazdro.

Hadid, who in 2017 pleaded no contest to misdemeanor charges related to his construction of another mansion in Bel-Air, built the 35,000-square-foot home in 2007. He sold the 2.2-acre estate three years later to Turkish businessman Sarp Turanligil for $50 million.

Known as Le Belvedere, the sprawling residence on Nimes Road boasts such amenities as a ballroom, a Moroccan-themed entertaining room and a 5,000-bottle wine cellar. A spa room was designed after a Turkish bath. There are 10 bedrooms and 14 bathrooms on two levels.

$45 million — Malibu

July saw another high-dollar sale in Malibu with Cindy Crawford and husband Rande Gerber selling a renovated compound on Pacific Coast Highway. The sale price was $15 million less than what Crawford and Gerber originally sought for the property — $60 million.

The supermodel and her businessman husband bought the 3-plus-acre estate and an adjacent parcel in 2015 for a total of $50.5 million. The neighboring property, which encompasses about 2.75 acres, was not included in the sale.

Set on a bluff with panoramic ocean views, the renovated home has 5,300 square feet of living space, four bedrooms and 5.5 bathrooms. Features include custom built-ins, natural materials and white walls that make for a casual beach aesthetic.

The walled and gated estate also holds a tennis court and a swimming pool. At the edge of the property, a pathway leads to the beach below.

$38 million — Malibu

Tech billionaire Larry Ellison, who owns about two dozen properties in Malibu, continued to expand his foothold in the beach community. In March, an entity connected to the Oracle co-founder paid $38 million for the oceanfront home of Hollywood film producer Joel Silver.

Originally listed for $57 million, the beachfront house was built in the 1930s and has since been updated. The two-story sits on a lot of about three-quarters of an acre and features 137 feet of beach frontage, a swimming pool and a tennis court.

Living spaces include a two-story great room, a formal dining room and a lofted office space.

There are five bedrooms and six bathrooms, plus a detached guesthouse. The master suite takes in views of the ocean and Carbon Beach through walls of glass.

$33.9 million — Beverly Hills

Among the biggest real estate movers and shakers in 2018 was singer Adam Levine, who bought two homes north of $30 million while divesting himself of two other properties.

Of his two purchases, the priciest came in March when the Maroon 5 frontman paid $33.901 million for the home of “Will & Grace” creator Max Mutchnick.

The English Tudor-style house was previously owned by tennis star Pete Sampras, who sold to Mutchnick about a decade ago for $16.98 million. The roughly 10,400-square-foot house has five bedrooms and eight full bathrooms. There is a detached guesthouse and a separate gym. The main house includes a home theater and an office-library.

In December, Levine and wife Behati Prinsloo bought the Pacific Palisades home of actors Ben Affleck and Jennifer Garner in an off-market deal for $31.95 million.

$33.85 million — Pacific Palisades

The San Remo Drive estate of late television syndication mogul Michael King changed hands in May in a deal that set a new price record in the Westside community. The buyer was an entity tied to Bui Simon, a former Miss Universe and wife of Indiana Pacers owner Herbert Simon.

The sale price, although down from its original $42 million, eclipsed the previous high-water mark for a residential transaction in Pacific Palisades by about $1.35 million.

The Georgian-style estate, designed and built in 2005, sits on a one-plus-acre lot with city and ocean views. The 15,000-square-foot house features interior design work by former White House decorator Michael S. Smith and grounds by landscape designer Deborah Nivens.

Among details of note are hand-painted walls, inlaid mother-of-pearl, a wood-paneled office and a game room. The two-story floor plan includes seven bedrooms and 10 bathrooms.

$33.1 million — Beverly Hills

Retired soccer star David Beckham and his wife, singer-model Victoria Beckham, quietly said goodbye to their Beverly Hills home of about a decade, selling the property off-market in September for $33.1 million.

Tucked behind massive iron gates and at the end of a private drive, the Italian villa-style mansion was built in 2007 on speculation.

The H-shaped home, painted a classic white and topped with clay roof tiles, has more than 13,000 square feet of living space that includes formal living and dining rooms, an elevator, a library and a media/music room. There are six bedrooms and nine bathrooms plus a powder room.

Outside, covered and uncovered patios flank a large grassy field. A swimming pool and pool deck sit across the lawn.

$33 million — Hollywood Hills West

Also closing in May was a deal for a newly built showplace featuring interiors by Lenny Kravitz and his design firm. The property sold for $5 million less than the asking price.

Perched above the Sunset Strip, the three-story, 10,700-square-foot house is visually dramatic, with offset rooflines, marble walls and retractable expanses of glass that center on 270-degree city and ocean views.

The home also includes a lower-level nightclub, indoor-outdoor terraces and a circular 70-foot swimming pool. A 12,000-pound granite boulder incorporates an outdoor fire feature.

$32 million — Beverly Park

A Beverly Park mansion designed by architect Richard Landry sold to timepiece entrepreneur John Simonian, founder and owner of luxury watch company Westime, for $32 million.

The 22,905-square-foot house, built in 2009, evokes a French chateau. Amenities include a ballroom, a wood-paneled office and a library with a glass-bottom floor that looks into a brick wine vault.

The gated estate sits on more than 2 acres of grounds with formal gardens, water features, a motor court and a tennis court. There are indoor and outdoor swimming pools. Sauna and steam rooms adjoin the indoor pool.

neal.leitereg@latimes.com | Twitter: @LATHotProperty


Newsletter
Get our weekly Hot Property newsletter
Advertisement