The heiress to a cosmetics fortune and her husband have more than halved their asking price for their Malibu equestrian ranch, after permitting for a major addition took longer than expected.
Kiehl’s heiress Jamie Morse Heidegger and Klaus Heidegger are now asking $25 million for the 25-acre property, down from the $55 million they listed the spread for last summer, according to the Wall Street Journal. At the time, the couple thought they would complete construction of an 11,000-square-foot expansion to the main house there before a buyer came along, but it hasn’t yet wrapped.
Listing agent Sally Forster Jones of Compass said the new price reflects that “they’re serious about selling the property.”
Along with the four-bedroom main house, there are three guest houses on the property, along with stables — with “ocean views for each horse,” according to a listing — and a lounge area for equestrians. The main house includes a koi pond, swimming pool, and tennis court.
The couple picked up the property for just $2.6 million in 2002 because both their daughters were interested in horseback riding. Jamie Morse Heidegger had recently sold her grandfather’s brand to L’Oreal for around $100 to $150 million. At the time, she was president of Kiehl’s.
They added the guest houses and an irrigation system. They grow avocados, plums, figs, and other fruits and vegetables on the property. The couple launched their own skincare line called Retrouvé in 2014 and source some ingredients, including avocado oil from their own plants.
The couple is now getting older and want to travel more, according to the Journal. [WSJ] – Dennis Lynch