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
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