The luxury cliffside residential community in Malibu that developer Scott Gillen is building is in contract on its first home.
One of the five planned homes is in escrow for $40 million, according to the Wall Street Journal. The gated compound will include a fire retardant wall, a 24-hour guard tower, fire hydrant and sprinkler system for the community.
The home is in escrow and expected to be completed next year, according to the Journal. There will also be a fire retardant wall, a 24-hour guard tower, fire hydrant and sprinkler system for the community.
The community is on a 24-acre cliffside site along Pacific Coast Highway. In an interview with The Real Deal in August, Gillen said the homes will be around 11,000 square feet and range between $40 million and $60 million. He called them “five fucking spectacular mid-century modern homes.” That high-end number has jumped to $100 million, according to the Journal.
After the Woolsey Fire that devastated Malibu in November, Gillen said he would offer homeowners at the Case community their own firefighter team.
The land for the Case cost $50 million. The seller was Oaktree Capital and Big Rock Partners — a joint venture that took 11 years to secure coastal development permits for the site.
Gillen and his firm Unvarnished have built spec homes around Malibu with a minimalist style. Earlier this year, his $400-million offer to purchase the 157-acre land called “The Mountain” in Beverly Hills Post Office was denied. [WSJ] — Gregory Cornfield