Rare investment/development opportunity in Malibu. This 5.9 acre ocean/queen's necklace view estate site has valuable City of Malibu approval for a 3-lot subdivision, each parcel with an ocean view. Existing 11 bedroom 7 bath home on the property has a recently renovated kitchen and hardwood floors throughout. Private front driveway off of PCH and rear entrance off of Galahad Drive. This property is horse-zoned and has a variety of fruit trees. Guest house with private yard and plenty of parking. First time on the market in 40 years. Remodel the existing home and keep as a large equestrian property, vineyard potential, build two new houses, etc. etc. - the possibilities are endless!