A one-of-a-kind home in Malibu designed by architect Ed Niles has sold after nearly a year on the market and at a significant discount.
The futuristic, post-modern home sold for $9.5 million to businessman Paul Schneider, according to Dirt. That’s half of its original $20 million asking price.
Schneider is the co-founder of Inglewood-based car care product maker Chemical Guys. The seller was the estate of property investor Milton Sidley, who died in 2019.
Sidley commissioned Niles in the late 1980s to design the glass-and-steel home. The 4,400-square-foot home was completed in 1992 after five years of design and construction.
The four-bedroom home’s semicircular design and its use of glass and rolled steel has drawn comparisons to a space station.
The residence is split between two wings connected by a sky bridge. One structure, seen from the front, resembles a sun rising on the horizon.
That structure houses the common spaces, including the living room and kitchen. There is also access to the underground garage and the backyard with its lounge space and swimming pool.
The other wing sits 16 feet off the ground and is effectively one long hallway with cantilevered bedrooms, an office and a gym off either side. The property totals about two acres and has views of the Pacific Ocean.
Niles has designed some of Malibu’s most striking post-modern homes. A 7,000-square-foot house he designed on Point Dume sold last year for $40 million after three years on the market and some price cuts.
The final sale price also happened to be about half its original ask, perhaps an indication that sellers are overestimating demand for post-modern homes.
Harry Gensler’s post-modern work Ravenseye has been sitting on the market for three years without a bite. It listed for $14 million in December 2018 and is now asking $9.5 million.
[Dirt] — Dennis Lynch