A three-acre Malibu compound once owned by Cindy Crawford has hit the market for just shy of $100 million.
The property, which last traded hands about four years ago for less than half that figure, hit listing sites on Tuesday. The seller is the Bay Area hedge funder Adam Weiss, who bought it from the retired supermodel and her husband Rande Gerber, an entertainment industry entrepreneur.
Jade Mills, who has the listing, did not immediately respond to an interview request.
The property is located at 33218 Pacific Coast Highway, between El Pescador State Beach and the Malibu Riding and Tennis Club. It has a private path to the beach, along with a tennis court, pool, spa and cabana with a fireplace, according to the listing. The 5,300-square-foot, two-story house is perched on a hillside and has four bedrooms, a gym, home theater and — unsurprisingly — full sliding glass doors to maximize the ocean views. The Mediterranean, “contemporary villa”-style home was originally built in 1944 but was more recently renovated.
Crawford and Gerber have owned multiple Malibu properties, including the estate next door on Pacific Coast Highway. They bought the home at 33218 as part of a larger, two-parcel compound in 2015 for $50.5 million, effectively expanding their own compound, then sold the property to Weiss, who bought the property through an LLC, in 2018 for $45 million.
Weiss and a partner co-founded Scout Capital Management, a New York-based hedge fund, in 1999; the firm, which then controlled some $5 billion, shut down in early 2014. Weiss then founded a short-lived hedged fund in the Bay Area.
He was going through a divorce at the time he bought the Malibu house; records also show he took control of the estate through a quitclaim deed granted by his ex-wife, Lydia Callaghan. The Wall Street Journal reported that Weiss is selling now because he plans to relocate to Hawaii, where he’s already bought a house for $45 million.
Any sale near the $99.5 million ask would be the latest example of a sizzling ocal luxury market that’s seen plenty of recent eye-popping sales: Along with Marc Andreessen’s record-setting $177 million last fall, other pandemic-era deals have included the $52 million sale of Eli Broad’s former mansion and an assemblage from the developer Richard Weintraub that also recently went for $52 million.
The near $100 million tag places Weiss’ place among the most expensive current L.A. listings; a roughly 7-acre Malibu estate in Paradise Cove also recently hit the market for $125 million, and another Malibu home was recently re-listed for $85 million.