Ukrainian tycoon lists Malibu mansion for nearly twice what he paid

The home, which features the largest permitted spa in Malibu, last sold for $25M

August 19, 2019 10:00 AM
Vadim Shulman and his house on Pacific Coast Highway (Credit: World Jewish Congress, Zillow)
Vadim Shulman and his house on Pacific Coast Highway (Credit: World Jewish Congress, Zillow)

A compound in Malibu’s “Billionaire’s Beach” has hit the market, and despite the recent slowdown in Los Angeles luxury sales, its price is nearly twice what it sold for five years ago.

The oceanfront home is owned by Ukrainian tycoon Vadim Shulman, who is asking $44 million for the six-bedroom, 10-bathroom property, records show. Shulman heads the Euro-Asian Jewish Congress, and has a business portfolio that includes mining, energy and telecommunications.

Shulman paid $25 million to acquire the pad in 2014, deed records show.

Shulman’s 9,500-square-foot home on the Pacific Coast Highway in an area nicknamed Billionaires Beach spans half an acre, and includes 150 feet of beachfront. It has a wine cellar, movie theater and four fireplaces.

It includes a two-lane lap pool and Malibu’s largest home spa ever permitted, according to listing materials on Redfin.

Rita Benelian of Keller Williams has the listing.

The listings adds to the number of luxury properties that are for sale in the glitzy Malibu area. Earlier this month, developer Scott Gillen put a collection of 13 homes — some still under construction — on the market for a combined $500 million. The most expensive is a $100 million home in his “Case” project, a guard-gated community of five homes.

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