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

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

Los Angeles /
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

arrow_forward_ios
Los Angeles housing market reaches new heights (Getty)
Los Angeles home prices, sales soar to new records in Q2
Los Angeles home prices, sales soar to new records in Q2
Stan Kroenke and Malibu Colony Plaza (Getty, Newmark Knight Frank)
Here’s what tenants pay at Stan Kroenke’s Malibu Colony Plaza
Here’s what tenants pay at Stan Kroenke’s Malibu Colony Plaza
Big Ticket scores big sale on unfinished Malibu estate
Big Ticket scores big sale on unfinished Malibu estate
Big Ticket scores big sale on unfinished Malibu estate
Eli Broad and 21958 Pacific Coast Highway (Getty, Zillow)
Eli Broad’s Malibu home sells for $52M
Eli Broad’s Malibu home sells for $52M
George Rosenthal with his 180-acre Malibu property (Getty, The Agency Real Estate)
Real estate mogul relists 180-acre Malibu compound
Real estate mogul relists 180-acre Malibu compound
Pink and husband Carey Hart with their Malibu house (Getty, The Agency Real Estate)
Pink knew: Pop star returns to Malibu with $14M purchase
Pink knew: Pop star returns to Malibu with $14M purchase
Shane Smith and 23111 Mariposa De Oro Street (Getty, Redfin)
Shane Smith moves west to Malibu manse
Shane Smith moves west to Malibu manse
Don Hankey with 22514 Pacific Coast Highway and Oaktree Capital co-founder Howard Marks with 31134 Broad Beach Road (Getty, Compass, Realtor)
Billionaire real estate investors close on Malibu pads
Billionaire real estate investors close on Malibu pads
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...