Ed Freedman signs $6M lease for beachfront home in Malibu

Rental, at $120K per month, could be most expensive in history for LA city.

May.May 30, 2018 12:19 PM
Ed Freedman and his $6 million Malibu rental

A $6 million sale in Malibu? No big deal. What about a $6 million lease?

The founder of a credit-card processing company has agreed to pay seven-figures stretched over four years for a beachfront home in the wealthy enclave, in what could be the priciest lease in Los Angeles history, according to Yolanda’s Little Black Book.

The $6 million lease works out to about $120,000-per-month, a little less than the $135,000-per-month Mel Brooks is asking to rent out his longtime beachfront Malibu home this summer.

Naturally, the renter is someone with plenty of green to throw around: Ed Freedman, the founder of Total Merchant Services. Freedman started the credit card processing company over two decades ago. It now processes around $12 billion in sales each year, according to its website.
Freedman splits time between Malibu and the Hawaiian island of Maui, where he owns a beachfront home.

His new rental sits on just a half-acre, but includes a 4,000-square-foot main house, a two-bedroom guest house, and a two-car garage with a second-story gym. The house last sold in 2010 for $21.5 million. [Yolanda’s Little Black Book] – Dennis Lynch 

Related Articles

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