A spec home built on the site of the iconic Malibu Castle hit the market on Thursday, asking a staggering $80 million.
The asking price sets a record for the beach city, according to Redfin. The next highest asking property currently on the market is for $60 million. Malibu, located about 30 miles west of Downtown Los Angeles, is home to many Hollywood A-listers.
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Perched atop a 360-degree promontory, the property, known as "The New Castle," boasts views of the Santa Monica Bay, Catalina Island, Malibu Colony and Surfrider Beach.
The old Malibu Castle was owned by heiress and philanthropist Lilly Lawrence, renowned for hosting lavish galas at the residence—modeled after a Scottish style castle—until it was destroyed by a fire in 2007, according to the listing.
Filmmaker-turned-developer Scott Gillen, who has developed 22 properties with over $130 million in sales, purchased the land in 2015 for $9.7 million.
"I like to create things from nothing, although it is challenging to build on this site," said Mr. Gillen, who has been personally responsible for architecture, interior design and furnishing of the property.
He declined to disclose the total cost of the project, noting that his previous developments averaged an estimated expense of $1,500 per square foot. But this one is largest in magnitude and highest caliber luxury estate he has ever built, he said.
The turn-key estate is complete with custom furnishings by Minotti, Bottega Veneta, and handmade rugs from New Zealand. One room alone, the cigar room, took six months and over $1 million to build. Also included in the sale is complimentary one-year concierge service as part of the luxurious amenities.
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The 10,000-square-foot main house has five bedrooms, a media room, game room and wine tasting room, featuring custom 80-year-old dry aged oak floors and floor-to-ceiling glass windows throughout. A 12-foot hand-hewn teak dining table parallels the 75-foot infinity pool, and connects the chef's Bulthaup kitchen and living space in the main residence.
The 4,000-square-foot guest house offers two bedrooms, four bathrooms, a great room, kitchen and a gym with spa.
The property was first marketed in 2015 for $60 million for presale. Back then, Mr. Gillen envisioned suspending an airplane as a chandelier in the 120-foot living room. He is now planning to decorate the estate with a motorcycle and rare art by Ellsworth Kelly and Jonathan Borofsky instead.
Sandro Dazzan of Coldwell Banker has the exclusive listing.