With in-person showings back, Malibu home hits market at $75M

This week’s easing of rules to allow in-person showings has catapulted an oceanfront Malibu home back on the market, with a $75 million price tag.

The 4,000-square foot home at 24844 Malibu Road went on the Multiple Listings Service Thursday, following state and county orders to allow showings of vacant property by private appointment.

It also comes three days after Los Angeles Mayor Eric Garcetti revised his “Safer at Home” order to allow property appointments if there are no more than two visitors at a time, though the order has not yet been fully adopted by L.A. County.

For the most part, showings have been relegated to virtual tours to contain the spread of the coronavirus.

The listing marks the first time since 2003 that the four-bedroom, three-bath home has hit the MLS.

Made of concrete and steel and designed by Japanese architect Tadao Ando, it was built in 2013 by New York City financial investor, art collector and philatelist Richard B. Sachs. The home is owned under Wave One LLC, records show.

Branden Williams of Hilton & Hyland and Tyrone McKillen of Compass share the listing.

“We were planning on listing the property in February,” Williams said. “We had something on the table, but it didn’t work. Then Covid hit a month later.” The team decided to list the home “before there was a rush of properties” hitting the market, he said.

Physical tours are clearly permissible for the Malibu home, McKillen noted, because the home is vacant. “The owner lives on the East Coast,” McKillen said. A listing on Redfin notes that in-person and virtual tours are available.

Still, Williams said he was excited about the return of physical showing. “I’ve never been a virtual guy. That’s not how I made my business. You need to see the home and see who your neighbor is across the street.”

McKillen compared selling an Ando home to auctioning off a Picasso or other rare work of art, adding that physical showings will give buyers the “full effect of a unique piece of architecture.”

L.A.’s ultra-luxury market has cooled off since Gov. Gavin Newsom issued a stay-at-home order on March 19. Since then, the top sales have gone for $43 million, $37 million, and $20.5 million; all those were empty as well.

Williams said the Malibu home could have extra appeal, with even the uber wealthy limited in their mobility. Newsom on Friday said the state was days away from lifting some coronavirus-related restrictions, according to CNN.

“People aren’t going to be traveling this summer,” Williams said.