Investment banker Ken Moelis adds to his Malibu portfolio

Former Trump financial adviser paid $22M for beach house next to his longtime property

Los Angeles /
Feb.February 01, 2021 11:43 AM
Ken Moelis pictured with his new property. (Getty, Douglas Elliman)
Ken Moelis pictured with his new property. (Getty, Douglas Elliman)
 

Investment banker Ken Moelis paid $21.5 million for his neighbor’s Malibu beach house, adding to his portfolio in the community that has seen a flurry of deals lately. In addition to their latest purchase, Moelis and his wife, Julie, own a home in Beverly Hills and a 9,200-square-foot penthouse in Manhattan.

The sale for the 4,631-square-foot Malibu home closed last month, according to Dirt.com.

The seller was real estate investor Gary Simons, who bought the property at 23762 Malibu Road in 2017, according to the report. Simons rented the five-bedroom, five-bathroom house for as much as $42,000 per month.

The Mediterranean-style home was built in 1986 and comes with renderings for a complete overhaul.

Moelis and his wife Julie bought the beach house next door in 1996, for $3.2 million. Their main property is a two-acre estate in Beverly Hills. In 2018, they bought the Manhattan penthouse at 520 Park Avenue for $62 million. The tower and several surrounding residential buildings are commonly known as “Billionaires’ Row.”

Malibu was one of the most active markets in Los Angeles County last year and that trend has continued in 2021. Beach houses are among the city’s most sought-after properties. Last month, cosmetics entrepreneur Chris Tawil flipped his Malibu beach house for a multimillion-dollar profit. Matthew Perry sold his beach house last month for $13 million.

Moelis, who in 2018 was listed as a billionaire, has been in investment banking for decades. In 2007, he founded his namesake firm Moelis & Company. Among the people he has advised are Donald Trump, well before he became president. Moelis and Trump once settled the terms of a financing deal with a coin flip.

[Variety] — Dennis Lynch 


Related Articles

arrow_forward_ios
5012 Carbon Beach Terrace in Malibu (Redfin)
Sprawling Malibu spec house sells for $38M
Sprawling Malibu spec house sells for $38M
From left: Kim Kardashian and Cindy Crawford with 33128 Pacific Coast Highway
Kim Kardashian buys former Cindy Crawford home in Malibu for $70M
Kim Kardashian buys former Cindy Crawford home in Malibu for $70M
Chris Cortazzo, Larry Ellison, Grant Cardone and 22040 Pacific Coast Highway (Chris Cortazzo, Getty Images, photo courtesy Grant Cardone)
Carbon Beach home last sold in 1994 goes on market at $40M
Carbon Beach home last sold in 1994 goes on market at $40M
33218 Pacific Coast Highway in Malibu and Cindy Crawford and Randy Gerber (Zillow, Getty)
Cindy Crawford’s former Malibu mansion sells at discount
Cindy Crawford’s former Malibu mansion sells at discount
Mark Burnett & Roma Downey with 23422 Malibu Colony Road in Malibu (Zillow, Getty)
Mark Burnett, Roma Downey seek to sell Malibu home
Mark Burnett, Roma Downey seek to sell Malibu home
Michael Weinstock with 23754 Malibu Road
Beach house in Malibu’s Colony lists at $34.5M
Beach house in Malibu’s Colony lists at $34.5M
Howard Leight Jr. and Malibu Rocky Oaks (Zillow, Instagram, Getty)
Malibu winery featured on “Kardashians” asks $50M
Malibu winery featured on “Kardashians” asks $50M
Former owner Luanne Wells and the property at 31284 Broad Beach Road in Malibu (Obituary.com, Compass, Getty)
Malibu home sells for $20M, then goes up for rent
Malibu home sells for $20M, then goes up for rent
arrow_forward_ios

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

Loading...