After lingering on the market for more than two years, a cliffside Malibu estate sold for a fraction of its $58 million original asking price.
Billionaire Chad Richison, the founder and head of Oklahoma City–based payroll firm Paycom, paid $26.5 million for the 3,800-square-foot home known as Il Pelicano, according to Variety.
The sellers, Liz Edlich and Dale Kinsella, spent more than seven years completing the property, which replaced a small surf shack. They first listed it in May 2018, then slashed the price a year later to $35 million.
The home is off Pacific Coast Highway and includes only three bedrooms but 4.5 bathrooms on a half-acre lot. The Tuscan-style property was named for the pelicans that flock nearby. It includes stone imported from Italy, antique balustrade from France and custom-designed mosaic tiles from Rome, not to mention a private stairway to the beach.
Edlich is co-founder of Radical Skincare and Kinsella is a trial attorney.
Malibu has been one of the most active luxury markets in Los Angeles during the pandemic, especially among boldface names. “Wonder Woman” star Gal Gadot this week paid $5 million for a 2,000-square-foot oceanfront penthouse, heiress Anne Hearst and novelist Jay McInerney this month paid $10.7 million for a home on Colony Beach, and in November singer Avril Livigne dropped $7.8 million for a home near Trancas Canyon, which developer Scott Gillen had renovated. [Variety] — Alexi Friedman