Quantcast

The Real Deal Los Angeles

Hard Rock Cafe co-founder Peter Morton nears record-breaking $110M home sale

The Richard Meier-designed property spans just under 7K sf
April 16, 2018 11:30AM

Peter Morton and the home (Credit: Richard Meier, Wikimedia Commons)

Peter Morton, best known for co-founding the Hard Rock Cafe chain, is trying to give two fellow moguls a run for their money when it comes to home sale prices.

The businessman and restaurateur is closing on a mega-deal to sell his Carbon Beach spread in Malibu for $110 million to an unknown buyer, Variety reported.

If the deal goes through, it would beat the current record price of $85 million, set by both Geffen and Westside Estate Agency co-owner Kurt Rappaport.

The nearly 7,000 square foot home, designed by now-disgraced architect Richard Meier, includes seven bedrooms and nine bathrooms. A two-story guest house, screening room, garden and retractable teak shutters are among some of the amenities at the beachfront residence.

Stephen Shapiro of Westside Estate Agency is brokering the deal.

Morton acquired the two parcels in the 1990s. He spent just $3.5 million to acquire the larger lot in 1998, property records show.

Morton sold the Hard Rock Cafe chain in 1995 for $410 million, and later unloaded the Hard Rock Hotel & Casino in Las Vegas in 2006. His real estate portfolio includes a 13,500-square-foot mansion in Holmby Hills, and a condo in the Sierra Towers complex.

Once closed, the deal would set a new record for the oceanside enclave. Entertainment mogul Geffen previously sold one of his many Carbon Beach homes to Guggenheim Partners founder and CEO Mark Walter in May 2017 for $85 million. That deal is now the topic of a Securities and Exchange Commission investigation into the asset manager and its controversial real estate plays. [Variety] — Natalie Hoberman