The spec home built on the site of the landmarked Castle Kashan in Malibu is coming back onto the market Wednesday, with a price tag of $85 million, a $5-million hike from its last listing in March.
The art collection on the property, which is included in the sale, will be valued around $1.5 million, with original works from well-known artists such as the late Tom Wesselmann and Barry McGee, according to developer Scott Gillen.
"In addition to the art, and due to the details and the complexity of this particular construction, I have decided to raise the price to $85 million," he said in a statement.
Opus, the #BeverlyHills spec home that had a nearly NSFW promo video, has fallen out of the $100M club https://t.co/YLzkvOvxOP pic.twitter.com/MHzxpdpHD1
— Mansion Global (@MansionGlobal) September 23, 2017
The spec home, dubbed "The New Castle" for its location, was offered for $80 million in March and removed from the market in June. And the property was listed for $75 million in 2016, when it was in an earlier development phase, listing records show.
Mr. Gillen, a filmmaker-turned-developer who is behind 22 properties with over $130 million in total sales, shelled out $9.7 million in 2015 for the 3.5-acre lot on Malibu Crest Drive, where Castle Kashan used to stand.
The so-called "old castle" had been owned since 1998 by philanthropist Lilly Lawrence, who named the Scottish-style castle after her father, a former oil minister for Iran. The castle was destroyed by a fire in 2007.
Ms. Lawrence, widely known as "Princess Lilly," bought the castle in 1998 for $3 million. The castle was built for Thomas Hodges, a doctor in 1978.
Mr. Gillen constructed the new mansion on top of the ruins.
"I like to create things from nothing, although it is challenging to build on this site," Mr. Gillen told Mansion Global in a previous interview. He is personally responsible for the architecture, interior design and furnishing of the property.
More:Herbert Kameon-Designed Malibu Home Hits Market for the First Time
The main residence has 12,500 square feet of living space, featuring an open floor layout with five bedrooms and five bathrooms. It also includes a 120-foot-long great room overlooking the 75-foot infinity pool outdoors, a media room, a game room and a wine tasting room with dry-aged oak floors and floor-to-ceiling glass windows throughout.
Additionally, a 4,000-square-foot guest house offers two bedrooms, four bathrooms, a great room, kitchen and a gym with spa.
Sitting on a promontory with no neighbors nearby, the property has 360-degree views of the ocean and city skyline.
Although $85 million is no small amount even for deep-pocketed buyers, it is "extremely good value," Mr. Gillen said, "based on the current market for a home on the promontory of the original iconic Malibu castle that can never be replaced."
According to the developer and the Multiple Listing Service, the listing commands the highest price for Malibu, a coastal haven for the rich and famous, including celebrities like Matthew Perry and David Duchovny. Earlier this month, Johnny Carson’s former estate hit the market for $81.5 million.
Sandro Dazzan & Brittany Monforte of Coldwell Banker and Branden Williams of Hilton & Hyland are handling the listing.