Eli Broad’s Malibu beach house slashed again, to $59M

Evidently, even the supercharged Malibu market has its limits.

Eli Broad has slashed the asking price on his Richard Meier-designed beach house for the third time, according to the Los Angeles Times.

The billionaire former developer is now asking $58.5 million for the Carbon Beach pad, down from its original $75 million price in February 2020. The 5,374-square-foot home at 21958 Pacific Coast Highway is on a triple lot.

After the original asking, Broad chopped the price last summer to $67.5 million. Then in the fall he shaved it to $62 million, according to the report.

Broad, who amassed his fortune in real estate and insurance, bought the properties in the late 1990s for a total of about $5.7 million. He then hired the now-disgraced Meier to design the mansion.

The result was an all-white modernist home — five bedrooms and seven bathrooms — overlooking the Pacific Ocean.
Malibu’s housing market has been in overdrive since the pandemic, but a sale at Broad’s asking price would still be among the most expensive trades in the seaside city in the last year or so. Overall, the market remained hot through the first quarter of 2021.

The priciest publicly known deal since the beginning of the pandemic was Jan Koum’s $87 million purchase of a three-acre property in February.

A four-bedroom beach house with an architectural pedigree comparable to Broad’s beach house listed last May for $75 million as well. That Tadao Ando-designed home was eventually pulled from the market last October.

[LAT] — Dennis Lynch