“It’s a gross amount of money”: Scott Gillen closes on record $50M land purchase

He plans to develop five homes on 24-acre property

Los Angeles /
Jun.June 29, 2017 02:53 PM

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.


Related Articles

arrow_forward_ios
Rendering of Sea View Hotel
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Renderings depict hotel planned on PCH near Nobu Ryokan Malibu
Robyn Moore bought the Broadbeach Road home after splitting with Mel Gibson. (Getty, Redfin)
Robyn Moore lists Malibu pad bought following divorce from Mel Gibson
Robyn Moore lists Malibu pad bought following divorce from Mel Gibson
Rick Caruso and 21528 Pacific Coast Highway (Getty, The Agency)
Rick Caruso asks $40M for Malibu beach house
Rick Caruso asks $40M for Malibu beach house
Jan Koum and Diana Jenkins with 27560 Pacific Coast Highway (Getty, Google Maps)
WhatsApp co-founder drops $87M on Malibu mansion
WhatsApp co-founder drops $87M on Malibu mansion
Tyra Banks with her new 4 bedroom coastal home. (Getty, Coldwell Banker Realty)
Tyra Banks is smizing at her Malibu beach house buy
Tyra Banks is smizing at her Malibu beach house buy
The Malibu house was designed by Ed Niles. (Coldwell Banker Realty)
Unique Malibu home with futuristic vibes lists for $20M
Unique Malibu home with futuristic vibes lists for $20M
Laurene Powell Jobs and an aerial of the assemblage (Getty; Google Maps)
Laurene Powell Jobs expands beachfront assemblage in Malibu with $17M buy
Laurene Powell Jobs expands beachfront assemblage in Malibu with $17M buy
Ken Moelis pictured with his new property. (Getty, Douglas Elliman)
Investment banker Ken Moelis adds to his Malibu portfolio
Investment banker Ken Moelis adds to his Malibu portfolio
arrow_forward_ios

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

Loading...