Inside a Malibu mansion on sale for $58.8 million

This $58,808,000 mansion overlooking the Pacific Ocean is without doubt one of the largest properties on the market in Malibu. 

At 16,600 sq. toes, it is the grandest single-structure residence on the town and a whopping 4,100 sq. toes greater than the next-largest house available on the market.

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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 tackle and postal code, it is positioned 2 miles outdoors of town of Malibu, the place 4 residences on the PCH have bought for $100 million or extra —together with the record-breaking compound bought by billionaire Marc Andreessen in 2021 for $177 million.

Ellice Avenue is positioned 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 underneath a half-mile has seen 5 smaller mansions, each older than the Kaizen Home, promote for between $15 million and $24.7 million. The recent neighborhood’s prime sale closed in October commanding simply over $2,500 per sq. foot, in response to public data, means above common for Malibu.

On the present asking worth, the latest itemizing is greater than 10 instances pricier than the $5.8 million common gross sales worth achieved in Malibu throughout the third quarter. The typical worth per sq. foot hovered slightly below $1,400, in response to the Elliman Report compiled by Jonathan Miller, president of Miller Samuel Actual Property Appraisers & Consultants.

Public data 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 worth reductions that took the asking worth 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 trying like a very whole lot,” mentioned co-listing agent Branden Williams, co-founder of The Beverly Hills Estates.

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 advised CNBC he stays assured.

“Is it difficult? In fact, will this home promote? Sure,” he mentioned.

What’s extra, Williams mentioned the home can command a premium in gentle of its sheer measurement, the high-end supplies inside, and the truth that it is new building, which is uncommon in Malibu.

Halliday infused the mansion with Indonesian influences which can be 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 art work is a design ingredient 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 attention grabbing dragon onyx from Asia, Williams mentioned. 

Previous the lobby is the house’s tropical-themed courtyard, the place lush greens are punctuated by crimson 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 area 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 facet and a 2,000-plus-gallon aquarium on the opposite. The saltwater tank provides a watery window right into a vibrantly coloured residing space on the opposite facet.

On the press of a button, many of the house’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 powerful pool deck.

The 95-foot infinity pool within the yard encompasses 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 totally wrapped in a particular inexperienced bamboo onyx.

Hidden behind the kitchen’s fluted-oak cabinetry is a second full kitchen for the personal 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 degree consists of six ensuite bedrooms, every with its personal terrace.

Within the main suite voice-controlled glass partitions might be commanded to slip away for entry to a non-public terrace that overlooks the ocean. 

The suite features a stone-covered bathtub 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.