California’s 1% spending millions to live in a trailer park

A mobile home in Malibu recently hit the market asking $3.75M

New York /
Aug.August 10, 2014 04:00 PM

A mobile home in Malibu recently hit the market asking $3.75M

Wealthy retirees and film industry moguls are paying millions for the privilege of living in a trailer park – albeit, one that sits on a bluff overlooking the Pacific Ocean in Malibu.

In fact, properties in the mobile-home community known as Paradise Cove routinely sell for millions.

This spring a couple purchased a two-bedroom, 1,800-square-foot trailer for $1.25 million. And months earlier, a trailer in the park — which had previously hosted actor Matthew McConaughey — sold for $2.55 million.

In July, a four-bedroom, 2,200-square-foot trailer with a hot tub and two-car garage went on the market for $3.75 million, according to the Wall Street Journal.

Conventional homes in the Malibu neighborhood can run in the $20 million to $40 million range, which partially explains the appeal of trailer park living.

And of course, these well-healed buyers aren’t sparing any expense on their mobile homes. These trailers feature hardwood floors, high-end appliances and granite countertops.

“It’s like you’re in a house in Pacific Palisades or Bel Air,” said Chuck Cohen, who recently bought in the community, said. “You just happen to be in a mobile-home park instead.” [WSJ] Christopher Cameron


Related Articles

arrow_forward_ios
Aaron and Henry Manoucheri of Universe Holdings and Mariners Cove in Toms River (Universe Holdings, Google Maps)
Universe Holdings buys NJ townhomes for $60M in national expansion
Universe Holdings buys NJ townhomes for $60M in national expansion
(iStock)
Did pandemic really trigger mass exodus from California?
Did pandemic really trigger mass exodus from California?
749 San Ysidro Road, Montecito (Credit: Cristal Clarke Montecito and Santa Barbara Luxury Real Estate)
$62M estate is Santa Barbara’s most expensive home for sale
$62M estate is Santa Barbara’s most expensive home for sale
Ray Kroc and his Santa Ynez Valley ranch (Wikimedia, Google Maps)
Huge California ranch owned by McDonald’s CEO Ray Kroc lists
Huge California ranch owned by McDonald’s CEO Ray Kroc lists
Kaufmann Desert House (Courtesy Coastal Luxury Living)
Neutra-designed “crown jewel” of Palm Springs lists for $25M
Neutra-designed “crown jewel” of Palm Springs lists for $25M
California’s Prop 15 tax measure could add housing: study
California’s Prop 15 tax measure could add housing: study
California’s Prop 15 tax measure could add housing: study
Parkmerced
3,000-unit SF complex seeks forbearance on nearly $1B loan
3,000-unit SF complex seeks forbearance on nearly $1B loan
Silicon Valley town with no restaurants home to the priciest real estate of 2018
Silicon Valley town with no restaurants home to the priciest real estate of 2018
Silicon Valley town with no restaurants home to the priciest real estate of 2018
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...