The children of the late filmmaker Garry Marshall, the man behind Hollywood hits like “Pretty Woman” and “The Princess Diaries,” sold their family’s Malibu home, The Real Deal has learned.
Kathleen, Lori and Scott Marshall unloaded the home in Malibu’s Carbon Beach for $14.2 million. The 3,190-square-foot house sold at a 20-percent discount from its original asking price of $18 million last June. The price was cut in October to $15.9 million.
The Marshalls sold the property through various trusts, listing broker Tony Mark of Compass confirmed. Mark shared the listing with Russell Grether, also at Compass. The buyer was not identified.
Located on the Pacific Coast Highway, the oceanfront estate has five bedrooms and four bathrooms, a swimming pool and 40 feet of beach frontage.
Records show the property has been in the Marshall family since at least 2003. All three of Gary Marshall’s children are in the entertainment industry.
Marshall, who died in 2016, was a producer and director, who was also known for creating the sitcom “Happy Days.” Other credits include “Runaway Bride,” “Raising Helen” and “New Year’s Eve.”
Amid a softening luxury market, sellers in Malibu have been struggling to unload their homes at original asking prices, prompting a wave of discounts. The owners of “Il Pelicano,” for example, recently chopped 40 percent off their cliffside estate, re-listing it for $35 million. It first hit the market less than a year ago for nearly $60 million.