- A $58,808,000 mansion overlooking the Pacific Ocean is among the largest properties on the market in Malibu.
- The fashionable glass-and-concrete structure is constructed round an open-air courtyard with lush palms and a koi pond.
- The six-bedroom, 10-bath house is being marketed within the midst of some very difficult headwinds.
This $58,808,000 mansion overlooking the Pacific Ocean is among the largest properties on the market in Malibu.
At 16,600 sq. ft, it is the grandest single-structure residence on the town and a whopping 4,100 sq. ft larger than the next-largest dwelling available on the market.
The Bali-inspired residence at 11870 Ellice Avenue, named the Kaizen Home after a Japanese time period that means “steady enchancment,” is perched above the Pacific Coast Freeway at County Line Seashore. The fashionable glass-and-concrete structure is constructed round an open-air courtyard with lush palms and a koi pond.
Whereas the newly developed residence on Ellice Avenue has a Malibu handle and postal code, it is situated 2 miles outdoors of the town of Malibu, the place 4 residences on the PCH have offered for $100 million or extra —together with the record-breaking compound bought by billionaire Marc Andreessen in 2021 for $177 million.
Ellice Avenue is situated in Ventura Nation, lower than a mile west of Los Angeles County. Right here, gross sales north of $15 million are few and much between.
And but, the road that spans beneath a half-mile has seen 5 smaller mansions, each older than the Kaizen Home, promote for between $15 million and $24.7 million. The new neighborhood’s prime sale closed in October commanding simply over $2,500 per sq. foot, in accordance with public information, manner above common for Malibu.
On the present asking value, the most recent itemizing is greater than 10 occasions pricier than the $5.8 million common gross sales value achieved in Malibu throughout the third quarter. The common value per sq. foot hovered slightly below $1,400, in accordance with the Elliman Report compiled by Jonathan Miller, president of Miller Samuel Actual Property Appraisers & Consultants.
Public information present developer-owner Kris Halliday of MKH Developments bought the one-acre lot at 11870 Ellice Avenue again in 2018 for $5.4 million.
After finishing the Kaizen Home, he listed it in March for $74.8 million — or greater than $4,500 a sq. foot. There have been no takers on the preliminary ask, and over the next eight months it noticed three value reductions that took the asking value down by greater than 21%.
Final month, the ask settled slightly below $59 million, or about $3,500 a sq. foot. That price ticket would nonetheless be an all-time excessive for the part of Malibu that sits in Ventura County.
“We introduced it down from $75 million to $58 million, so proper now that is wanting like a extremely whole lot,” mentioned co-listing agent Branden Williams, co-founder of Beverly Hills Estates Group.
The six-bedroom, 10-bath house is being marketed within the midst of some very difficult headwinds: rising mortgage charges, skyrocketing inflation and the potential for recession. Nonetheless, Williams instructed CNBC he stays assured.
“Is it difficult? After all, will this home promote? Sure,” he mentioned.
What’s extra, Williams mentioned the home can command a premium in gentle of its sheer dimension, the high-end supplies inside, and the truth that it is new building, which is uncommon in Malibu.
This is a glance across the $58.8 million Kaizen Home:
Halliday infused the mansion with Indonesian influences which are evident even earlier than stepping inside.
A glass entryway is flanked by a pair of carved stone statues and two fireplace options that seem to bounce on water. The massive glass-paneled doorway is framed by partitions lined in Belgian blue stone intricately carved in Asia, itemizing agent Williams mentioned.
The stone paintings is a design component that is repeated in different areas all through the house. Williams calls the structure “Zen fashionable tropical.”
The double-height lobby is drenched in daylight that streams although a 30-foot-wide sky gentle.
The decrease portion of the lobby’s 25-foot partitions is roofed in fluted oak, whereas the higher half is wrapped in an eye catching dragon onyx from Asia, Williams mentioned.
Handed the lobby is the house’s tropical-themed courtyard, the place lush greens are punctuated by pink flowering vegetation and glass lamps that double as heaters.
The principle wall within the central backyard is clad in additional of the intricately carved blue rock. Water cascades down the stone’s floor and trickles into the pond, filling the house with the soothing echo of a operating stream.
The 14-guest eating room desk is centered between a residing wall of leafy inexperienced vegetation on one aspect and a 2,000-plus-gallon aquarium on the opposite. The saltwater tank presents a watery window right into a vibrantly coloured residing space on the opposite aspect.
On the press of a button, many of the dwelling’s glass partitions spring into movement and open to the outside.
The automated luxurious opens the eating room, kitchen and two first-floor residing areas to a formidable pool deck.
The 95-foot infinity pool within the yard includes a 12-person sizzling tub, partially submerged solar loungers and underwater stools that provide a refreshing spot from which to entry the poolside bar.
The principle kitchen options two islands fully wrapped in a particular inexperienced bamboo onyx.
Hidden behind the kitchen’s fluted-oak cabinetry is a second full kitchen for the non-public chef. And like many of the stone featured within the residence, the stone-clad islands have lights embedded inside which ignite the onyx with a luminous glow after darkish.
The house’s higher stage consists of six ensuite bedrooms, every with its personal terrace.
Within the major suite voice-controlled glass partitions could be commanded to slip away for entry to a personal terrace that overlooks the ocean.
The suite features a stone-covered tub and a pair of walk-in closets, which additionally function spectacular views of the Pacific.
Together with Williams, the itemizing is represented by brokers Rayni Williams and Tony Barsocchini of The Beverly Hills Estates and Kurt Rappaport of the Westside Company.
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