Coachella site owner lists Palos Verdes estate for $27M

A property owner with ties to the Coachella Valley Music Festival has listed one of the largest estates in the center of Malaga Cove in Palos Verdes Estates for a cool $26.7 million, or $3,016 a foot, The Real Deal has learned.

The roughly 4-acre property on Via Elevado is home to real estate developer Alexander Haagen III, who owns, along with his son, the 330-acre Empire Polo Club in Indio that plays host to the yearly Coachella festival, according to property records. He inherited the Palos Verdes home from his father, the late Alexander Haagen, who developed and redeveloped almost 120 shopping centers — including Media City Center in Burbank, Manhattan Village in Manhattan Beach and Baldwin Hills Crenshaw Plaza.

The 8,847-square-foot home includes five bedrooms, five bathrooms and panoramic views of the ocean and city. A long driveway leads to a stone and wood bridge and a circular carport with waterfalls and surrounding gardens.

The private compound, built in 1936, has been owned by the Haagen family for more than 40 years, according to the listing.

David Konheim of Hilton & Hyland and Lily Liang of Strand Hill Properties, an affiliate of Christie’s International, have the listing.