Less than two weeks into 2022, Malibu’s luxury market is already seeing expensive home sales that may populate year-end rankings.
The latest in a string of large transactions in the area is in the works at 31842 West Sea Level Drive, a 1.6-acre estate just off the Pacific Coast Highway. The property, highlighted by a five-bed, seven-bath home that spans 10,500 square feet, is in contract with a last asking price of $50 million, according to a listing on Zillow.
The home, which sits on a lot that consists of ten separate parcels, stands three stories with features such as three ocean-view bedroom suites, a game room, a gym and a basement with a wine cellar.
The seller is Joseph Alibrandi, property records show. It’s unclear when Alibrandi, who was once the head of conglomerate Whittaker Corporation, purchased the property. However, a Forbes profile from 1997 said that he built the home after retiring in 1994. Jeff Chertow of Pinnacle Estate Properties, the broker handling the listing, declined to identify the buyer. The deal for the home is expected to close next month.
The home was first listed on Aug. 18 with an asking price of $56.5 million. The price was reduced to $50 million five days later. It went into contract last Thursday, according to the Zillow listing.
The luxe transaction comes as the Los Angeles housing market wrestles with an inventory shortage in general. According to a new report from appraiser Jonathan Miller, Los Angeles County saw just 1,006 new listings for single-family homes in December, down from 1,320 listings from the year before. “I don’t mean to sound like a broken record, Miller said, “but this is purely a function of supply remaining inadequate — that supply is just not there.” Miller expects the shortage to push home prices higher this year.