It would set a new record for Malibu real estate
by Bianca Barragan May 1, 2017, 2:42pm PDT
Film and music mogul and DreamWorks executive David Geffen spent years stitching together a multi-parcel spread on Malibu’s tony Carbon Beach, but since at least 2015, rumors have been flying that he was trying to offload it for a robust $100 million.
Now, TMZ hears that Geffen is selling his beachfront property for $85 million, and that the deal is one day away from being final. A sale for that price would rank among the highest in Los Angeles County—and, according to TMZ, it would break Malibu’s record.
That record is held by an estate on Encinal Bluffs, which sold for $75 million in an off-market deal in 2013, according to Alessandro Dazzan of Coldwell Banker Previews International.
The property that makes up Geffen’s estate was originally five parcels that he combined into two. He bought the properties in two phases in the mid-1970s and in 1999.
Along the way, Geffen tried to keep the public off the public beach next to his compound. In 1983, he agreed to let public path to the beach be installed through his property, but in 2002, he filed a lawsuit to keep people out. (The state coastal commission and Geffen compromised in 2007.)
And, in order to prevent people from parking outside his compound on Pacific Coast Highway, he installed four fake garage doors along PCH, along with curb cut-outs, so that drivers would think they couldn't park on the public road in front of his estate.
Geffen has been spending most of his time these days living aboard his lavish yacht and in his New York City penthouse.
The penthouse has been a handful. Under renovation since 2013, it has triggered a frenzy of lawsuits, including over a dozen filed against Geffen by his neighbors, who claim they’ve suffered emotional distress and damage to their own homes as a result of the work that’s being done on the pad.
Geffen’s Malibu beach house is said to contain a screening room, a swimming pool and spa, a lily pond, a guest house, and a two-story main house. About a year ago, a sale was rumored to be pending for the same $85-million price tag.