Who wants to become the most important land owner in Malibu?

For eight plots of prime land in Malibu and $150M, it could be you

New York Weekend Edition /
Nov.November 04, 2017 01:00 PM

The late Jerry Perenchio’s undeveloped 70-acre Malibu property is on the market for $150 million, but the catch is the property is split into eight lots and the brokers do not want to sell them separately.

“In a single transaction, someone is going to become the most important land owner in all of Malibu,” Savills Studley’s Mark Sullivan said to Bloomberg.

The plots haven’t been on the market in over 30 years with one lot bordering Malibu Colony, while other lots are spread throughout significant commercial and retail areas. The catch to buying the mostly well-situated properties is the long local approvals process that will take a developer several years.

When the brokers speculated who potential buyers could be, Agency’s Mauricio Umansky — who’s marketing the property in partnership with Savills Studley — told Bloomberg, “I think personally a lot of them are local billionaires.”

[Bloomberg] — E.K. Hudson


Related Articles

arrow_forward_ios
A photo illustration depicting the massive changes at 2797 Atlantic Avenue (Google Maps, Getty Images)
Church plans 343 apartments in East New York
Church plans 343 apartments in East New York
Suburbanites with pitchforks as two hands ripping building plans
Suburban Nimbys oppose more housing. Do they have a point?
Suburban Nimbys oppose more housing. Do they have a point?
From left: Silverstein Properties' Larry Silverstein and New York City Councilmember Julie Won along with a rendering of Innovation QNS (Getty Images, Julie Won for City Council, Innovation QNS Official Site)
Silverstein’s Astoria megaproject ups affordable housing commitment
Silverstein’s Astoria megaproject ups affordable housing commitment
1 Geoffrey Way in Wayne NJ (Loopnet, Getty)
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
Homes are us? Passaic County weighs dev plans for ex-Toys R Us HQ
Cornerstone Structures' James Guerriero and 201 North Division Street in Peekskill, New York (LinkedIn/James Guerriero, Google Maps)
Developer proposes 125-unit project in Peekskill
Developer proposes 125-unit project in Peekskill
MR Property Builders' Rich Rauff and 45th Street between Pacific and Prospect Streets in Copiague (Getty Images, Google Maps, MR Property Builders)
Honey, they shrunk the housing: Long Island project withers
Honey, they shrunk the housing: Long Island project withers
(Photo Illustration by The Real Deal with Getty Images)
Lumber prices splinter amid rising interest rates
Lumber prices splinter amid rising interest rates
Village of Lawrence mayor Alex Edelman (Facebook, Getty)
Shovels down! Hempstead Town halts development in two villages
Shovels down! Hempstead Town halts development in two villages
arrow_forward_ios

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

Loading...