A 1.3-acre estate in Pacific Palisades’ Riviera enclave has listed for $64 million, with the seller a foundation linked to financier Michael Milken, one of L.A.’s wealthiest residents.
The estate, which features two homes with a combined 16,000 square feet, was listed Feb. 27 by Westside Estates Agency’s Ethan Peskowitz and Fred Bernstein, said The Wall Street Journal, which broke the story. The ask pencils to $4,000 per square foot. The last deal for the house took place in 2009 when it sold for $14.5 million, or $906 per square foot.
The property at 1678 Alta Mura Road offers two environmentally friendly LEED-certified structures: a 13,000-square-foot main house and a 3,000-square-foot guest house. These buildings are equipped with environmentally friendly geothermal heating systems. The guest house’s amenities include a Japanese-style soaking tub and an 800-square-foot gym.
Michael Milken was one of Wall Street’s most powerful financiers during the 1980s, and gained distinction for the development of high-yield bonds, sometimes called “junk bonds.” In 1989, he was indicted for racketeering and securities fraud. As part of a plea bargain, he served two years in prison.
In 2020, he was pardoned by President Donald Trump. In 2022, Forbes estimated his wealth to be $6 billion. In the past three decades, he has devoted himself to philanthropy with the Milken Family Foundation and The Milken Institute, both based in Santa Monica.
Zillow compared 1678 Alta Mura Road to another trophy home which was listed recently at 1525 San Vicente Boulevard. The Santa Monica estate, located about 3 miles from the Alta Mura Road, was put on the market for $69 million. Designed by the firm Molori, 1525 San Vicente Boulevard had the distinction of ranking among Los Angeles’ priciest homes when it was listed for $90 million in 2021.
– Andrew Asch
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