A jeans guru has just relisted his beachfront Malibu mansion and it’s $5 million cheaper than when it was last on the market.
Peter Koral, the co-founder of upmarket jeans brand 7 For All Mankind, which was sold to VF Corp. for $775 million in 2007, has cut the price of his home on Broad Beach Road to $19.995 million, according to listing and property records.
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It first hit the market in March 2015 for $25 million, before being reduced by $1 million in February 2016. The listing was later removed in December.
This six-bedroom contemporary Cape Cod-style beach house, which was built in 2008, has breathtaking coastline views from nearly every room and a large chef's kitchen that opens to a massive entertaining deck with an outdoor fireplace and kitchen, according to the listing.
The master suite also has its own private deck, while three bedroom suites on the lower level open out to an infinity pool and spa just above the sand. Other features include an elevator with service to each level, a gym, a theater and a red copper roof.
Mr. Koral told The Wall Street Journal in 2015 that he has lived in Malibu since 1969 and that his main home is about three miles away.
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The listing agent, Sandro Dazzan of Coldwell Banker Residential Brokerage, confirmed the new asking price, while a spokesperson for Mr. Koral did not respond immediately to request for comment.