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

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

Crown Realty & Development CEO Robert Flaxman (Credit: Getty Images)

Singin’ the Varsity Blues: Developer Robert Flaxman sentenced in admissions scandal

1181 N. Hillcrest Road LLC President Bruce Makowsky and 1181 N. Hillcrest Road

Developer Bruce Makowsky asked associates to violate campaign ethics law, city officials say

William McMorrow, Todd Boehl, Sunset North building in Bellevue (Credit: Getty Images)

Kennedy Wilson receives $300M investment, announces new $1.5B target for West Coast fund

Frank Lloyd Wright, Ron Burkle, and the Ennis House

Billionaire Ron Burkle sells Frank Lloyd Wright-designed home at record price

The city of LA wants to rewrite the book on parking (Credit: iStock, Wikipedia)

No Parking Zone: LA seeks to hide garages amid development boom

Do pocket listings have their place in the LA market?

6277 E. Slauson Avenue, and from left: Prologis CEO Hamid Moghadam and Rexford Industrial co-CEOs Howard Schwimmer and Michael Frankel (Credit: Google Maps)

Rexford buys industrial property from Prologis for $41M

A rendering of FlyAwayHomes’ HHH project in South LA and Mayor Eric Garcetti, who led the push to approve Prop HHH.

LA has now funded 8.5K units of affordable housing through $1.2B bond