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

Tech billionaire buys cliffside property after 18 months on market

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.

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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