Malibu mansion trades for near record $69.9M

Los Angeles /
Apr.April 10, 2017 10:21 AM

Mauricio Oberfeld, the investor who bought one of Malibu’s largest homes from the feds last year for $38 million, has flipped it for $69.9 million, The Real Deal has learned.

The deal came close to breaking the record for the priciest home ever sold in Malibu. That was set by the $74.5 million sale of Howard Marks’ home at 33064 Pacific Coast Highway in 2013, records show.

Oberfeld bought the rundown property, on Sweetwater Mesa Road, in partnership with Mauricio Umansky, co-founder of luxe brokerage the Agency, and the pair gave it a big facelift, sources said.

Neither Oberfeld nor Umansky responded to requests for comment on the sale of the home. The identity of the buyer, who purchased it under an entity registered in the British Virgin Islands, was not immediately clear, though sources said it was a wealthy Asian investor.

Umansky and Oberfeld acquired the property directly from the U.S. Justice Department, which seized it from the previous owner, Teodoro Nguema Obiang, the supercar-loving playboy son of Equatorial Guinea president Teodoro Obiang. Obiang was accused of using funds stolen from his home country to buy the property.

Obiang, who is currently standing trial in France on corruption charges, agreed to relinquish the house, as well as his car and extensive collection of Michael Jackson memorabilia, in order to settle federal prosecutors claims.

The 15,000-square-foot Malibu property had not been formally listed for sale, so few have seen the interior. There is reportedly a golf course, a swimming pool, ponds and a tennis court on the grounds.

The record may not stand for long. Developer Scott Gillen’s nearly complete 15,200-square foot spec mansion at 23800 Malibu Crest Drive recently relisted for $80 million, The Real Deal reported.

Correction: In a previous version of this story, The Real Deal incorrectly identified the priciest sale in Malibu history


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