Hard Rock founder’s Malibu mansion nabs title of priciest home sale in LA County

The $110M pad includes motorized teak shutters that require oiling

TRD LOS ANGELES /
Apr.April 24, 2018 09:17 AM
Peter Morton and the home (Credit: Richard Meier & Partners Architect LLP, Wikimedia Commons)

The most expensive home sale in Los Angeles County is expected to close Tuesday, putting aside rumors that have swirled around the lavish property.

Hard Rock Café founder Peter Morton has agreed to sell his beachfront Malibu home for $110 million to a billionaire couple, according to the Los Angeles Times. The transaction edges out a pair of $100 million deals in Holmby Hills in 2016 — Detroit Pistons owner Tom Gores’ purchase of a new estate on North Carolwood Drive and Hostess Brands co-owner Daren Metropoulos’ purchase of the Playboy Mansion.

The buyers are Michael S. Smith and Iris Smith, whose identities were uncovered by real estate blog Yolanda’s Little Black Book last week. Michael Smith is CEO of Houston-based natural gas exporter Freeport LNG. The couple runs a private investment firm called Blue Spruce Capital Corporation.

Their home was designed by Richard Meier — the now-disgraced architect — for Morton in the mid-2000s. He purchased the parcels that make up the property over the course of three decades, according to the Times. It’s located on a stretch of Carbon Beach nicknamed Billionaire’s Beach for its high net worth residents.

It includes a 4,600-square-foot main house with four bedrooms, 4.5 bathrooms, a screening room, and a garden. There is also a 2,300-square-foot guest house with three bedrooms and 3.5 bathrooms. The house is clad in teak wood and includes motorized teak shutters that require a full-time maintenance worker to oil year-round, Morton told W Magazine in 2006.

Branden and Rayni Williams brokered the sale.

Williams worked with the Smiths over two years to secure a sale. Sotheby’s International Realty agent Barry Peele represented the Smiths in the deal. [LA Times] — Dennis Lynch


Related Articles

arrow_forward_ios
Sheldon Adelson and his new property flanked by two of his other homes (Credit: Getty Images)

Sheldon Adelson is betting big on the Malibu housing market

Clockwise from top left: 12921 Marlboro Street, 22102 Pacific Coast Highway, 21536 Pacific Coast Highway, 820 N. Roxbury Drive and 334 S. Burlingame Avenue (Credit: Redfin)

Here are the priciest resi listings in LA County last week

Candy Spelling and her home on 21500 block of Pacific Coast Highway (Credit: Getty Images, Redfin)

Spelling is a-selling: Candy Spelling lists Malibu estate after former home breaks record

The five priciest listings in L.A. County last week

Here are the 5 priciest residential listings in LA County last week

Jan Koum, Ron Meyer and the Malibu house (Credit: Getty Images, Westside Estate Agency, iStock)

Malibu mansion’s $100M sale continues LA’s hot summer of luxury real estate deals

Vadim Shulman and his house on Pacific Coast Highway (Credit: World Jewish Congress, Zillow)

Ukrainian tycoon lists Malibu mansion for nearly twice what he paid

Move over Mountain of Beverly Hills, Scott Gillen is listing “The Malibu Series” for $500M

Michael Landon and the home in Malibu (Credit: Getty Images)

Widow of TV star Michael Landon scores big profit on Malibu home

arrow_forward_ios