Malibu pad seized from African playboy undergoing major facelift: sources

Los Angeles /
Jan.January 27, 2017 03:20 PM

Mauricio Oberfeld, the wealthy investor who snagged one of Malibu’s priciest homes from the feds last year for $38 million, is renovating the property and may look to flip it for a quick profit, sources told The Real Deal.

Oberfeld bought the neglected property, on Sweetwater Mesa Road, in partnership with Mauricio Umansky, co-founder of luxe brokerage the Agency, last year, records show. The pair has been giving the home a massive facelift and plans to put it back on the market, according to a person with knowledge of the plans.

One source said the partners are likely to make a hefty profit, since they acquired the property for a massive discount — just $3 million more than its 2006 sale price. They bought it straight from the Justice Department, which had seized it from the previous owner, Teodoro Nguema Obiang, the playboy son of Equatorial Guinea president Teodoro Obiang. Obiang was accused of using funds pilfered from his home country to pay for the house.

Neither Oberfeld nor Umansky responded to requests for comment on their plans for the project.

The backstory of the property reads like a scene from “Catch me if you Can.”

Obiang reportedly agreed to give up the house, as well as his Ferarri and extensive collection of Michael Jackson memorabilia, in order to settle federal prosecutors claims. Of the sale price, at least a third was slated to go to the U.S. government, while a large chunk was set aside for the people of Equatorial Guinea.

The young mogul, who is also well-known for his love of flashy cars and designer duds, is currently standing trial in France on corruption charges after he allegedly bought palatial Parisian properties with money stolen from his native country.

The 15,000-square-foot Malibu property has been the subject of much speculation in real estate circles, since few have seen the interior. There’s a three-hole golf course, a swimming pool, ponds and a tennis court on the grounds.

Certainly, the high-end Malibu market has been heating up.

Beats co-founder Jimmy Iovine’s purchase of Marcy Carsey’s Malibu home for $60 million boosted seller’s hopes. Cindy Crawford and her husband, businessman Rande Gerber, recently listed their Encinal Bluffs area pad for $60 million.


Related Articles

arrow_forward_ios
Robert F. Smith and the property (Credit: Google Maps)

Billionaire investor lists Malibu pad after buying Elin Nordegren’s former SoFla properties

Billionaire investor lists Malibu pad after buying Elin Nordegren’s former SoFla properties
Chris Cortazzo (Credit: Marc Piasecki/GC Images via Getty Images)

One person, three roles: Chris Cortazzo buys $20M Malibu home, serves as agent for both sides

One person, three roles: Chris Cortazzo buys $20M Malibu home, serves as agent for both sides
Steve Levitan and the home (Credit: Jason LaVeris/FilmMagic via Getty Images and Google Maps)

Steve Levitan of “Modern Family” fame asks $16M Malibu beach pad

Steve Levitan of “Modern Family” fame asks $16M Malibu beach pad
Pierce Brosnan (Credit: Andreas Rentz/Getty Images)

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price

$99M is not enough: Pierce Brosnan lists Malibu manse at massive price
Eli Broad and the house (Credit:: Mathew Imaging/WireImage via Getty Images, and Google Maps)

Eli Broad’s $75M Malibu beach house listing got another price chop

Eli Broad’s $75M Malibu beach house listing got another price chop
James Cameron and the property (Credit: Mike Pont/FilmMagic via Getty Images, and The Altman Brothers)

James Cameron lists longtime Malibu haunt for $25M

James Cameron lists longtime Malibu haunt for $25M
Taraji P. Henson, Cardi B, and Matthew Perry (Credit: Rich Fury/Getty Images, Frazer Harrison/Getty Images, and Frederick M. Brown/Getty Images)

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad

Cardi B, Taraji P. Henson among celebs renting $35K/month Malibu pad
Chris Cortazzo and 28848 Cliffside Drive (Credit: Google Maps)

Chris Cortazzo reps himself in $39M Malibu deal

Chris Cortazzo reps himself in $39M Malibu deal
arrow_forward_ios

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

Loading...