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

The Richard Meier-designed property spans just under 7K sf

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

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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