Sales in Malibu Park are hitting record levels — and attracting high-profile buyers and renters from Brad Pitt to billionaire philanthropist Sid Bass — as concerns about rising sea levels lure buyers away from the beach to the other side of Pacific Coast Highway.
Anthony “TJ” Paradise of Sotheby’s International said buyers are thinking more about global warming and climate change than living on the beach.
“Some people will buy on the land side because they’re fearful that ocean-side homes may disappear,” Paradise told THR.
Climate change has already impacted Malibu, which has seen the amount of sand on its beaches shrink, said Santiago Arana of the Agency. The smaller the beach becomes in areas such as Broad Beach, the bigger the prices in Malibu Park, he said, adding that home prices in the enclave are moving into the $15 million to $20 million range.
The highest-priced home in Malibu Park on Morning View Drive is listed at $15 million.
The 12,000-square-foot mansion includes a three-story ballroom inspired by New York’s Plaza Hotel that can hold more than 300 people while doubling as a recording studio. It was built by seller Albert Stern, a violinist, and has been used as a studio by musicians Jason Mraz, Fergie and Incubus.
While the beaches have yet to be washed away by rising sea levels, residents have made efforts to combat erosion with a $31 million plan to restore the beach’s vanishing sand, according to THR. [THR] — Subrina Hudson