Matt Coleman wants to flip west Malibu mansion for $11M profit

Good Feet Store founder lists spec estate he has owned for two months at nearly $38M

Matt Coleman Aims to Flip West Malibu House for $11M Profit
11870 Ellice Street, Malibu (Google Maps, Getty)

Chicago investor Matt Coleman, who bought a west Malibu mansion at auction this summer for $48.3 million less than asking price, wants to execute the ultimate flip.

After paying $26.5 million for the 20,000-square-foot mansion at 11870 Ellice Street in August, the founder and former owner of The Good Feet Store has listed it for $37.9 million, according to the Robb Report, citing property records.

An immediate sale could allow Coleman to pocket $11.4 million in less than 60 days. 

The six-bedroom, 10-bathroom estate was built last year by Australian spec developer Kris Halliday, owner of Malibu-based MKH Developments, who listed it for $74.8 million, or  $3,740 per foot. He’d bought its nearly 1-acre lot in 2018 for $5.4 million. 

Coleman picked up what was dubbed “Kaizen” — a Japanese term for continuous improvement — via Concierge Auctions for  $26.5 million, or $1,325 per square foot. 

The two-story home, north of the Pacific Coast Highway and across the Ventura County line, is designed with influence of feng shui principles. It has never had an occupant, according to Robb.

Built out of hand-carved stone, wood and reinforced concrete, the mansion opens into a double-height foyer topped by a 30-foot-wide skylight, and contains a dining room for 14 guests, a wine cellar, gym, movie theater and rec room.

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The home has floor-to-ceiling motorized glass walls with Pacific Ocean views, a 2,000-gallon aquarium and a 20,000-gallon koi pond.

Each bedroom has a terrace, and the living room overlooks a 95-foot tiled infinity pool and spa. There are two four-car garages with EV charging stations.

But the initial asking price for the home — on the far edge of Malibu and perched north of PCH  without beachfront access — may have been ambitious, real estate experts said.

Brokers Estel Hilton and Rayni Williams of The Beverly Hills Estates hold the listing.

Coleman, who sold the Carlsbad-based Good Feet Store chain in 2020 for an undisclosed sum, owns a main residence in Wisconsin and several properties in Del Mar, including Jenny Craig’s former estate, which he bought in 2019 for $22 million, according to Robb. He also owns a vacation hideaway in Montana’s expensive Big Sky resort.   

— Dana Bartholomew

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