Sheldon Adelson is betting big on the Malibu housing market

The billionaire casino mogul has poured $70M into Colony Beach real estate since the 1990s

TRD LOS ANGELES /
Oct.October 07, 2019 10:00 AM
Sheldon Adelson and his new property flanked by two of his other homes (Credit: Getty Images)
Sheldon Adelson and his new property flanked by two of his other homes (Credit: Getty Images)

Billionaire Sheldon Adelson is all in on the Malibu housing market, despite what has been a sustained slowdown in overall high-end residential sales.

The casino mogul and conservative political activist picked up his eighth beach house in the exclusive gated enclave on the shores of the Pacific Ocean, according to Variety. Adelson paid $14.7 million for the home, whose registered seller was Karen Schetter, according to the report. She is married to Charles Schetter, who was named president and CEO of Truland Homes last year.

The acquisition brings his total investment in the neighborhood over the last three decades or so to around $70 million. It is not clear what Adelson plans to do with his growing portfolio.

Not all of Adelson’s Colony Beach properties are contiguous, but his new 4,000-square-foot home does sit between two of his other properties. It was built in 1930 and was recently renovated, but retains its original rustic French Country Villa style.

Colony Beach is home to some of the priciest real estate in the Los Angeles area. Since 2017, it’s been the most expensive place to buy property in the region, with a median sales price higher than any of the tony neighborhoods on the Westside. Last year, the median sales price for a home in Colony Beach was $10.7 million.

Some other celebrity homeowners in the neighborhood include actors Ed Norton, Jim Carrey, and Leonardo DiCaprio. Late media mogul and prominent L.A. real estate investor Jerry Perenchio also owned a home there. [Variety] — Dennis Lynch


Related Articles

arrow_forward_ios
Kunal Nayyar and the home (Credit: Getty Images and Comapss)

“Big Bang Theory” star Kunal Nayyar buys Hancock Park home

Four of the top residential listings in LA this week

Here are the priciest resi listings in LA County last week

Larry King and Shawn Southwick

Larry King is saying “so long” to Beverly Hills Flats mansion

Joel Silver and the dining room in the Brentwood home (Credit: Getty Images)

Producer Joel Silver lists Brentwood estate at blockbuster price

Clockwise from top left: 12921 Marlboro Street, 22102 Pacific Coast Highway, 21536 Pacific Coast Highway, 820 N. Roxbury Drive and 334 S. Burlingame Avenue (Credit: Redfin)

Here are the priciest resi listings in LA County last week

College athletes could soon be allowed to make money on endorsement deals in the state of California (Credit: Getty Images and iStock)

Playing the real estate game: College athlete bill could mint young millionaires and homebuyers

The home on Amalfi Drive, Paul George, and Deandre Jordan (Credit: Getty Images and Realtor)

Paul George dishes $16M for DeAndre Jordan’s former Palisades pad

Candy Spelling and her home on 21500 block of Pacific Coast Highway (Credit: Getty Images, Redfin)

Spelling is a-selling: Candy Spelling lists Malibu estate after former home breaks record

arrow_forward_ios