Updated Friday, June 30, 2017 at 10:48 a.m.: Developer Scott Gillen is digging up Malibu again, but this time he’s breaking a record.
The designer and builder just closed on the purchase of a 24-acre flat plateau of land on the Bluffs for $50 million – the highest sale price for an undeveloped piece of land in Malibu.
“It’s a gross amount of money,” Gillen told The Real Deal. “[But] it’s the most spectacular views that anybody has ever seen.”
The seller was a joint venture between Oaktree Capital and Big Rock Partners, according to a statement from Coldwell Banker, which brokered the deal. It took the JV partners 11 years to secure coastal development permits and entitlements for the site.
Gillen, founder of firm Unvarnished, said he plans to develop five homes on the property, which sits in the coveted Malibu Colony neighborhood. He expects a major return on his investment — he will list them for $40 million to $60 million each, he said.
Gillen his hired on architect Richard Landry, known for designing estates for celebrities such as Tom Brady, Dr. Dre and Rod Stewart, who will be working with Gillen on the designs. Landry worked with Oaktree and Big Rock during the entitlement process.
The 24-hour guard gated community, known as the Case, is expected to be completed by mid-2020. The homes will range from 10,500-square-feet to 13,500-square feet. Lot sizes will span from 2.45 to 5.78 acres, according to Coldwell Banker.
Sandro Dazzan of Coldwell Banker represented Gillen. He is also the listing agent on Gillen’s $80 million Malibu “Castle” that is currently on the market. It currently holds the record for the highest listing for a single-family home in Malibu.
Rick Hilton and Rodrigo Iglesias of Hilton & Hyland represented Oaktree and Big Rock.
The story incorrectly stated Richard Landry will be designing the project. Scott Gillen is the lead designer.