Metro Networks founder cuts $30M off Malibu getaway

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.

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.