Weintraub in contract to sell Malibu assemblage
Developer previously listed chunk of the estate, now offers two-home package
Developer Richard Weintraub is in contract to sell one of the largest beachfront properties in Escondido Beach, the Real Deal has learned.
The assemblage, with the addresses of 27234 and 27242 Pacific Coast Highway, includes two homes built on a 15,700-square-foot lot. It has 130 feet of beach frontage and is accessible via a private road.
The property went into contract on Thursday with a last asking price of $51.5 million, according to Zillow. Compass’ Chris Cortazzo, who represented both sides of the transaction, declined to identify the buyer.
The larger property in the package, at 27234 Pacific Coast Highway, was previously listed separately with an asking price at nearly $40 million. The four-bedroom, six-bath mansion, designed by Chad Oppenheim and Burdge Architects, spans 7,160 square feet. All three levels of the property can be reached through a private elevator. The living area of the home takes up two full floors and has features such as a fireplace and a large seating area that opens to a private outdoor garden living room. The outdoor garden contains a 20-foot-long fireplace and a marble fountain.
The 27242 Pacific Coast Highway property, meanwhile, is a custom-built home designed by architect Tom Torres, according to a listing on Zillow. It has features such as an entry courtyard with a koi pond, a music room and a wine cellar.
The properties were also previously offered for rent at $350,000 per month. It was previously owned by Ed Fishman, a business partner of the late television host Dick Clark.
Richard Weintraub, the president and founder of Weintraub Real Estate Group, bought the assemblage for $23.9 million in 2013, according to Dirt. His company owns a portfolio of hospitality, retail and residential properties across Los Angeles. Some of his firm’s projects include retail center Malibu Lumber Yard and the Cambria Hotel in Calabasas.