Metro Networks founder Saperstein lists Malibu home for $115M

Saperstein’s 11K sf Malibu getaway is located on 2.6 acres with the requisite tennis court, pool and private access to the exclusive Paradise Cove beach.

Jan.January 28, 2020 03:00 PM
Billionaire David Saperstein lists Malibu home (Credit: Alfred Yson/Sotheby's International Realty via The Wall Street Journal)
Billionaire David Saperstein lists Malibu home (Credit: Alfred Yson/Sotheby’s International Realty via The Wall Street Journal)

Entrepreneur David Saperstein has put his eclectic Paradise Cove estate — one of Malibu’s largest — on the market for $115 million.

Saperstein, a former car salesman, made his first fortune as founder of Metro Networks, which provides drive-time weather reports to radio stations. Since selling it to Westwood One, he’s gone into the tree-farming business with extensive holdings in Texas and Florida.

His splashy listing is the latest in Malibu, where home sales have been smashing records. Over the summer, NBC Universal executive Ron Meyer sold his oceanfront Malibu compound for $100 million. (The rumored buyer was Whatsapp co-founder Jan Koum.)

In 2018, Peter Morton broke a record when he sold his Carbon Beach estate for $110 million to natural gas billionaire Michael Smith.

Given the comps nearby, Saperstein likely won’t be accused of aspirational pricing that defines much of Los Angeles’ ultra-luxury market.

If Saperstein’s estate were to sell at asking price, it would be the fourth-most expensive California mansion deal in history, behind Lachlan Murdoch’s $150 million purchase of the Chartwell Estate, the Spelling Manor in Holmby Hills selling at $120 million and a $118 million deal in Silicon Valley.

The wedge-shaped Malibu getaway, built in the early 1990s, features two distinct wings connected by a central corridor, with 12 bedrooms and 14 bathrooms spread across nearly 11,000 square feet of space. The 2.6-acre estate also features a tennis court, pool and private access to the exclusive Paradise Cove beach.

Saperstein’s gated home, which is called Mar de Amor (Sea of Love), is characterized by white marble floors and sweeping walls of glass that provide expansive ocean views from virtually every room. The master bath comes with a custom copper soaking tub and a sea view shower.

Neighbors include former Paramount Pictures chairman and CEO Frank Mancuso, and Walmart heiress Anne Walton and her husband, L.A. Rams owner Stan Kroenke. Other nearby neighbors within walking distance include Leonardo DiCaprio, Courteney Cox, John McEnroe, and Jimmy Iovine.

The house features a 20-seat screening room. There’s also an elevator linking the home’s entertainment level to the sprawling catering kitchen.

Saperstein is connected to a piece of real estate that has already entered the $100 million club — his ex-wife Suzanne in 2014 sold the Versailles-style Fleur de Lys in Holmby Hills following their divorce (the price included furniture). Saperstein also sold an equestrian estate in Simi Valley for $33 million in 2016.

The listing, held by Drew Mandile of Sotheby’s International Realty, was first reported by The Wall Street Journal.

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