Metro Networks founder cuts $30M off Malibu getaway

David Saperstein re-lists property for $85M

27930 Pacific Coast Highway (Zillow,iStock)
27930 Pacific Coast Highway (Zillow,iStock)

After two years on the market, billionaire David Saperstein has cut $30 million off the listing price of his Malibu estate.

Saperstein, who made his fortune as founder of weather-information radio broadcaster Metro Networks, has relisted his 11,000-square-foot property at 27930 Pacific Coast Highway for $85 million. The reduction comes after he took the property off the market in September, according to a Zillow listing. Compass’ Chris Cortazzo is marketing the property for sale.

The entrepreneur first put the oceanfront compound on the market in January 2020, asking $115 million. The pricing was in line with NBCUniversal executive Ron Meyer’s sale of an oceanfront Malibu compound for $100 million in 2019, and Peter Morton’s $110 million sale of his Carbon Beach estate in 2018 — both of which were around the same size and scale.

If the compound would have sold at $115 million, it would have been among the most expensive home sale in California, behind Serge Azria’s $177 million sale of his Paradise Cove sale and Lachlan Murdoch’s $150 million purchase of the Chartwell Estate.

Sign Up for the undefined Newsletter

By signing up, you agree to TheRealDeal Terms of Use and acknowledge the data practices in our Privacy Policy.

Built in the 1990s, the property features 12 bedrooms and 14 bedrooms, along with a tennis court, pool, a 20-seat screening room and private beach access.

At $85 million, the home is still one of the priciest up for sale across Malibu. It’s the only home currently listed in the area for more than $70 million, according to Zillow.

Saperstein is used to dealing with multimillion-dollar homes. In 2014, his ex-wife Suzanne sold their sprawling Fleur de Lys mansion in Holmby Hills for $100 million, after it was first listed for $125 million. The couple had spent several years in the 2000s redeveloping the 12-bedroom property.