Billionaire entertainment mogul David Geffen has unloaded his longtime Malibu estate for $85 million—making it one of the most expensive sales in Los Angeles.
The off-market deal for the Carbon Beach compound on Pacific Coast Highway closed Tuesday, Mansion Global has confirmed. The undisclosed buyer paid one of the highest prices ever for a home in Malibu Beach, where celebrities and industry titans from Leonardo DiCaprio to Larry Ellison own waterfront properties.
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Mr. Geffen, 74, a music and record industry tycoon who launched the careers of The Eagles and Guns N’ Roses and helped found DreamWorks SKG, has built a personal fortune north of $7 billion, according to Forbes.
Property records indicate that he paid an undisclosed sum in 1976 for the first portion of the Malibu Beach estate, which reportedly belonged at one point to actress Doris Day. Two decades later, in 1999, Mr. Geffen bought the neighboring plot for $3.7 million, property records show.
The property has five different structures including a main house of more than 10,000 square feet, guest houses, a pool, hot tub, reflection pond and multiple balconies and terraces looking out over the Pacific, aerial images of the home show.
Why build a £200M mega-penthouse? B/c you need space for your hair salon, nail spa & massage room 💇 💅 💆 https://t.co/ZBSyVXbQyV pic.twitter.com/8Zv0y7S1Qg
— Mansion Global (@MansionGlobal) May 23, 2017
Mr. Geffen’s beach house has had a presence in the local news thanks to his efforts to block public access to the beach via a walkway that runs along the western property line. The new owners will even inherit the faux garage doors he reportedly erected next to the beach path to stymie public parking in front of his multimillion-dollar mansion.
Luxury Los Angeles broker Kurt Rappaport of Westside Estate Agency handled the sale.
Mr. Geffen could not immediately be reached for comment.