Malibu’s Il Pelicano estate sells for $30M below original asking

Tech billionaire buys cliffside property after 18 months on market

Los Angeles /
Dec.December 29, 2020 09:00 AM
Chad Richison and Il Pelicano (Douglas Elliman)
Chad Richison and Il Pelicano (Douglas Elliman)

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 


Related Articles

arrow_forward_ios
Britney Spears and the home 12094 Summit Circle. (Getty, The Altman Brothers)
Paparazzi-proof former home of Britney Spears sold
Paparazzi-proof former home of Britney Spears sold
Liam Payne and his Monte Nido home (Getty, Redfin)
Plotting new direction, Liam Payne sells Monte Nido compound
Plotting new direction, Liam Payne sells Monte Nido compound
Embattled director faces sexual assault allegations. (Getty, Compass)
Director, facing sex assault allegations, sells Malibu home for $14M
Director, facing sex assault allegations, sells Malibu home for $14M
Liam, Chris and Luke Hemsworth with their Malibu home (Getty, Zillow)
Hemsworth bros sell Malibu crash pad
Hemsworth bros sell Malibu crash pad
Trevor Noah and the Bel Air house (Getty, Redfin)
Trevor Noah pays $28M for Bel Air mansion after selling another
Trevor Noah pays $28M for Bel Air mansion after selling another
Reese Witherspoon (Getty)
Reese Witherspoon pays $16M for Brentwood mansion
Reese Witherspoon pays $16M for Brentwood mansion
Anthony Davis and 940 Candlecrest Drive (Getty, Redfin)
Lakers’ Anthony Davis sells mansion for $1M less than he paid
Lakers’ Anthony Davis sells mansion for $1M less than he paid
Robert Shapiro, Tony Curtis and Sonny & Cher with Owlwood Estate (Getty, The Viewpoint Collection)
Owlwood Estate, owned by famous and notorious, sells for $88M
Owlwood Estate, owned by famous and notorious, sells for $88M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...