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
UCLA, USC survey: LA renters owe $3B in back rent
UCLA, USC survey: LA renters owe $3B in back rent
UCLA, USC survey: LA renters owe $3B in back rent
2 condo sales at Pendry West Hollywood break records
2 condo sales at West Hollywood complex break records
2 condo sales at West Hollywood complex break records
Compass' Morgan Trent and Aaron Kirman (Compass and Aaron Kirman)
Compass’ Aaron Kirman taps dedicated team for Orange County
Compass’ Aaron Kirman taps dedicated team for Orange County
The Beverly Hills spec mansion that Ekkehart Hassels-Weiler bought in 2019. The property is full of structural defects that Hassels-Weilers alleges developers Ian Livingstone and Max Fowles-Pazdro concealed (Luca Lanzetta Group)
Mansion buyer beware: $43M spec home a “catastrophic failure,” suit alleges
Mansion buyer beware: $43M spec home a “catastrophic failure,” suit alleges
Plans for the Woodland Hills project with Urban Stearns co-founder Shy Cohen (Togawa Smith Martin, Urban Stearns)
Urban Stearns plans apartment, hotel project in Woodland Hills
Urban Stearns plans apartment, hotel project in Woodland Hills
Chrissy Teigen and John Legend with the property (Getty, Douglas Elliman)
John Legend and Chrissy Teigen wave bye to Beverly Hills mansion
John Legend and Chrissy Teigen wave bye to Beverly Hills mansion
Sue Gross and an aerial of the home at 960 N. Alpine Drive (UCI, Google Maps)
Beverly Hills home Ellen DeGeneres sold for $35M is back on market
Beverly Hills home Ellen DeGeneres sold for $35M is back on market
State Senator Scott Weiner is the primary author of Senate Bill 9 (Getty, California Legislative)
Study: California’s “upzoning” bill would not lead to widespread redevelopment
Study: California’s “upzoning” bill would not lead to widespread redevelopment
arrow_forward_ios

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

Loading...