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

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.