Malibu will buy nearly 30 acres from the Jerry Perenchio portfolio

The land is zoned for commercial and separate from the late mogul's 70-acre Malibu plot on the market

TRD LOS ANGELES /
Apr.April 25, 2018 11:00 AM
The 18.5 acre site at Heathercliff Road and Pacific Coast Highway

Malibu will acquire almost 30 acres of land within the city from the portfolio of the late media mogul Jerry Perenchio.

The City Council approved the $42.5 million purchase on land zoned for commercial use, according to the Los Angeles Business Journal. Development plans were not disclosed.

About 11 acres split between two largely vacant parcels are located in downtown Malibu. Of that, more than 9.5 acres are attached to 23575 Civic Center Way and about an acre at Civic Center Way and Webb Way.

The third parcel, comprising roughly 18.5 acres, is located at Pacific Coast Highway and Heathercliff Road.

The city will fund the purchase with bonds and with money from its general fund reserve, the Journal reported.

The parcels are part of Perenchio’s massive Malibu portfolio, which includes a separate undeveloped 70-acre property divided into eight lots. One of those lots borders the ultra-exclusive Malibu Colony neighborhood, home to celebrities. For that portfolio, brokers reportedly won’t break up the 70 acres. Instead, they want to sell it all for $150 million. It will likely take years for a developer to clear the necessary approvals to start construction on the land.

Perenchio, who died last year at 86, was a former chairman and CEO of Univision. His family also listed his Malibu Colony Road home earlier this month for around $14 million in addition to his so-called “Chartwell” estate in Bel Air. That 10-acre property is selling for $350 million, making it the most expensive listing in the country. [LABJ] — 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