The Real Deal New York

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
November 04, 2017 01:00PM

(Ken Kistler, back; Pixabay, front)

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