Flea sells Malibu estate for $20M

Red Hot Chili Peppers bassist is latest celeb to seize on oceanside city’s hot luxury market

Los Angeles /
Dec.December 30, 2020 10:00 AM
Red Hot Chili Peppers bassist Flea — real name Michael Balzary — sold his compound for $20 million (Getty, iStock)
Red Hot Chili Peppers bassist Flea sold his compound in the Encinal Bluffs neighborhood. (Getty, iStock)

Malibu is having a moment.

The picturesque — and pricey — oceanfront locale has been a hive of activity for celebrity homebuyers and sellers in the last few weeks. In the latest deal, Red Hot Chili Peppers bassist Flea sold his compound in the Encinal Bluffs neighborhood for $20 million in an all-cash, off-market transaction, the Los Angeles Times reported.

Flea — real name Michael Balzary — bought the 2.1-acre clifftop estate in 2006 for $9.9 million, according to the report. It includes a 2,700-square-foot, single-story main home with a pair of guesthouses, the publication reported.

The buyer is said to be Alec Litowitz, CEO of hedge fund Magnetar Capital of Evanston, Illinois.

The sale comes a short time after Flea bought another Malibu property for $7.5 million; he also owns a home in the wealthy enclave of La Crescenta.

Malibu, long a popular spot for luxury buyers, has seen a surge of deals among the glitterati. In the last few weeks, “Wonder Woman” star Gal Gadot paid $5 million for a beachfront penthouse; Anne Hearst and writer Jay McInerney paid $10.7 million for a home on Colony Beach; and singer Avril Lavigne dropped $7.8 million for a home near Trancas Canyon.

In one of the priciest Malibu deals this month, billionaire Chad Richison bought a 3,800-square-foot cliffside home for $26.5 million. It was a fraction of the $58 million original asking price. [Variety] — Alexi Friedman


Related Articles

arrow_forward_ios
Mossimo Giannulli and Lori Loughlin with The Madison Club where their house is located (The Madison Club, Getty)
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
Lori Loughlin and Mossimo Giannulli buy $13M La Quinta home after jail stints
Nicolas Berggruen and the Hearst Estate (Hilton & Hyland, Getty)
Sold: Billionaire pays $63M at auction for Hearst estate
Sold: Billionaire pays $63M at auction for Hearst estate
Carl Reiner with the neighboring properties (Getty, Google Maps)
Carl Reiner’s neighboring Beverly Hills Flats homes sell for $16.8M
Carl Reiner’s neighboring Beverly Hills Flats homes sell for $16.8M
Scooter Braun and his new house (Getty, The Agency Real Estate)
Taylor Swift archenemy Scooter Braun pays $65M for Brentwood mansion
Taylor Swift archenemy Scooter Braun pays $65M for Brentwood mansion
Leonardo DiCaprio adds another Malibu beach house to SoCal portfolio
Leonardo DiCaprio adds another Malibu beach house to SoCal portfolio
Leonardo DiCaprio adds another Malibu beach house to SoCal portfolio
Boxing analyst Larry Merchant and his Santa Monica home (Compass, Getty)
Legendary boxing analyst Larry Merchant sells Santa Monica home
Legendary boxing analyst Larry Merchant sells Santa Monica home
Las Vegas Raiders Owner Mark Davis and renderings of the unique home (Getty, City of Henderson)
Of course Las Vegas Raiders owner Mark Davis is building this home
Of course Las Vegas Raiders owner Mark Davis is building this home
Keely Shaye and Pierce Brosnan with the Malibu house (Getty, Compass via Realtor.com)
Buy another day: Pierce Brosnan pulls Malibu beach house off market
Buy another day: Pierce Brosnan pulls Malibu beach house off market
arrow_forward_ios

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

Loading...