Midwestern retail magnate sells Malibu house for $35M

Entrepreneur Steve Buchanan is leaving Malibu’s exclusive Point Dume neighborhood with a multi-million dollar farewell.

His luxe Point Dume house, located at 29060 Cliffside Dr., has sold for $35 million, or $5,731 per-square-foot, according to Redfin and the website of the listing agent Chris Cortazzo, who worked with Vladan Stojanovic on the deal. Both are affiliated with Compass.

The property was listed for $34.5 million in January.

Buchanan is best known for helming Omaha-based Buchanan Energy, which operated the Bucky’s Convenience Stores chain, which sold last year for a reported $580 million. He moved into the luxe beachside house in 2017 after buying it for $21 million from Bill Lawrence, the star comedy showrunner who created popular sitcom Scrubs and critically acclaimed sports comedy Ted Lasso. In 2003, Lawrence bought the place for $4.5 million from 1980s hitmaker Pat Benatar.

Bill Lawrence and Pat Benatar (Getty)

Information on the buyer in the latest sale was not immediately available.

Lawrence reportedly transformed the place into a house worthy of a multi-million dollar price tag. The two-floor house currently offers 6 bedrooms, 6 bathrooms, high- beamed ceilings, an automatic gate, a media room, an infinity pool, or a swimming pool positioned to look like it is merging with the ocean. The house’s grounds also offer landscaped lawns, as well as a gated stairway with access to the beach. The house has views of Catalina Island and the Pacific Ocean.

29060 Cliffside Drive (Chris Ryder/Listing Zen)

According to Redfin, neighbors include 29351 Bluewater Rd., a 4 bedroom, 4 bathroom house which sold for $7.65 million in March. There’s also 6708 Wildlife Rd., a six bedroom 6.5 bathroom house which sold for $19.4 million in July 2021.

The general area of Cliffside Drive gained some notoriety in 2021 during the high marquee news story of the Pandora Papers information leak of offshore properties of world leaders, celebrities and top businesspeople. The leak found that King Abdullah of Jordan owned three houses down the street, including 29150 Cliffside Dr.

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