For those looking to build their dream beach compound, this Malibu, California, property may be the perfect spot.
Located on the Pacific Coast Highway, the La Costa Beach property is actually two lots with 118 feet of beach frontage, according to agent Darlene Hutton of brokerage Partners Trust. Asking $12.5 million, the estate is currently being "quietly shown," but has not yet been officially listed, she said.
This Malibu spec home first hit the market in 2016 for $75M. Now it's $85M https://t.co/annvUa1U0G pic.twitter.com/UJum98UkPT
— Mansion Global (@MansionGlobal) October 18, 2017
"This amount of beach frontage doesn’t exist right now, on any beach," Ms. Hutton said. "And not many people know about it, so it’s a little bit of a secret."
The home currently on the property is a three-bedroom, three-bathroom duplex with a one-bedroom, one-bathroom unit next door, she said. The home has a hull-shaped facade and floor-to-ceiling windows to frame views of the beach and Pacific Ocean.
Ms. Hutton imagines that a new owner would want to take advantage of the space and start from scratch.
"The buyer will definitely want to take [the existing home] down and build a dream compound," she said. The property is used as a rental now, and the sellers, who wish to remain anonymous, are ready to see it change hands, she added.
La Costa Beach is a public beach next to Malibu’s Carbon Beach, also know as Billionaire's Beach. High-profile residents like Oracle’s Larry Ellison and actor Leonardo DiCaprio own homes there, and music-industry mogul David Geffen sold his estate there for $85 million earlier this year, Mansion Global reported.
This property has the same lovely views and beautiful beaches, but "not at the price of Billionaire’s Beach," Ms. Hutton said.
In addition, the property is only about a five-minute drive to Nobu Malibu and other high-end restaurants. And it’s surrounded by places to hike and enjoy the outdoors, including Tuna Canyon Park and the Santa Monica Mountains National Recreation Area.