A $65M Malibu pad hits the market as LA luxury home inventory keeps piling up

Chris Cortazzo and Ginger Glass, who recently left Coldwell Banker, are co-listing the 2.5-acre property complete with pizza oven and 200 feet of beachfront

TRD LOS ANGELES /
Sep.September 04, 2019 02:00 PM
33256 Pacific Coast Highway (Credit: Ginger Glass)
33256 Pacific Coast Highway (Credit: Ginger Glass)

Last week, NBC Universal’s Ron Meyer sold his sprawling Malibu estate for $100 million to Whatsapp co-founder Jan Koum. That deal, amid an otherwise lackluster Los Angeles luxury market, may have been the motivation for a certain Malibu seller now listing the oceanfront estate he has owned for 25 years.

Michael Flannery, an individual who is connected to real estate and publishing companies, has listed his Guy Dreier-designed home in Malibu Beach for $65 million, The Real Deal has learned. Deed records reveal Flannery has owned the property since 1993.

Chris Cortazzo and Ginger Glass, two star brokers who recently jumped from Coldwell Banker for Compass, are co-listing the home.

It sits on two spacious lots spanning 2.3 acres, a rarity in Malibu. It features granite walls, French limestone floors and floor-to-ceiling windows throughout that give way to ocean views.

The two-story, nearly 5,000-square-foot home includes three bedrooms and four bathrooms. Amenities include a tennis court, aquarium, jacuzzi, pizza oven and 200 feet of beachfront access.

Despite Meyer’s mega-sale, unloading high-end homes in L.A. and Malibu in particular hasn’t been an easy task over the last several months as inventory continues to pile up and buyers become more cautious. Last month, a Ukrainian investor, Vadim Shulman, listed his oceanfront home for $44 million. And a few weeks before that, spec home developer Scott Gillen listed a collection of 13 properties for a combined $500 million.


Related Articles

arrow_forward_ios
Architect Simon Park and a rendering of the project (Credit: SSPSTUDIO ARCHITECTURE & URBAN DESIGN)

Boyle Heights slated for another mixed-use project

Boyle Heights slated for another mixed-use project
Builders throughout the state get millions in loans even as work continued amid covid

Despite essential status, CA construction firms scored billions in PPP loans

Despite essential status, CA construction firms scored billions in PPP loans
Foot Traffic At Major LA Retail Arteries Down Significantly

TRD Insights: LA retail hasn’t rebounded in these major submarkets

TRD Insights: LA retail hasn’t rebounded in these major submarkets
Miley Cyrus cuts $5M off-market deal for a Hidden Hills abode

Miley Cyrus cuts $5M off-market deal for a Hidden Hills abode

Miley Cyrus cuts $5M off-market deal for a Hidden Hills abode
Jose Huizar in front of the perhaps doomed project.

City moves to kill $700M megaproject linked to Huizar scandal

City moves to kill $700M megaproject linked to Huizar scandal
Aerial of inland empire industrial areas (Credit: CBRE via OBSERVER MEDIA)

The Inland Empire’s booming logistics industry is a double-edge sword

The Inland Empire’s booming logistics industry is a double-edge sword
DTLA and Century City (Credit: Basil D Soufi via Wikipedia, and iStock)

Office leasing in Q2 was a fraction of what it was a year ago

Office leasing in Q2 was a fraction of what it was a year ago
Judi Prejean, and Signature Bank CEO Joseph DePaolo

Signature Bank makes big push into Southern California

Signature Bank makes big push into Southern California
arrow_forward_ios

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

Loading...