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

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
8201 Bellgave Place (Williams & Williams Estates)
Hollywood Hills property with hot design tie gets $8M price chop
Hollywood Hills property with hot design tie gets $8M price chop
Mies van der Rohe, famed architect, designed this home for a fraternity
Mies van der Rohe, famed architect, designed this home for a fraternity
Mies van der Rohe, famed architect, designed this home for a fraternity
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
San Bernardino Mayor John Valdivia with Carousel Mall (City of San Bernardino, Google Maps)
Mayor wants stake in heart of San Bernardino zombie mall
Mayor wants stake in heart of San Bernardino zombie mall
Tammy Hughes Gustavson and 27628 Pacific Coast Highway (LinkedIn, Coldwell Banker Realty)
Self-storage billionaire lists Malibu estate in Paradise Cove
Self-storage billionaire lists Malibu estate in Paradise Cove
Harry Sidhu, Mayor of Anaheim (Getty Images)
Feds probe Anaheim mayor over Angel Stadium sale
Feds probe Anaheim mayor over Angel Stadium sale
Story Company's Billy Lehman Goodyear and a rendering 1529 Amalfi Drive (Story Company, Aeries Development)
Custom luxe developer sells mansion in Pacific Palisades
Custom luxe developer sells mansion in Pacific Palisades
 1933 South Broadway (Loopnet, iStock)
Ara Tavitian scores $150M refi on The Reef in DTLA
Ara Tavitian scores $150M refi on The Reef in DTLA
arrow_forward_ios

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

Loading...