After spending about 18 months seeking a buyer, a Malibu estate listed for $195 million by former Disney CEO Michael Eisner has quietly come off market, according to listing sites.
The estate at 33550 Pacific Coast Highway was technically put up for sale by a trust linked to Eisner’s family. When it was initially listed in April 2022 for $225 million, the property was in competition to become the priciest home sale in California history. But in May 2023, that title went to another Malibu estate, this one located at 27712 Pacific Coast Highway, which was purchased by music stars Beyoncé and Jay-Z in May for $200 million.
Kurt Rappaport of Westside Estate Agency, who served as listing agent for both pricey homes as well as the buyer’s representative for 27712 Pacific Coast Highway, did not return a request for comment.
The Eisner property was removed from the market on Dec. 12; until then it ranked among the most expensive listings in the L.A. market.
The estate at 33550 PCH sits on a bluff where Eisner and his wife Jane bought land in the 1990s. They commissioned architect Robert A.M. Stern to design the compound, which features nine separate buildings including a Mediterranean Revival main residence, several guest homes, as well as an oceanfront bungalow accessible by elevator, according to media reports. It spreads over 5 acres overlooking the ocean.
Reasons to take a house off of the market range from remodeling to hiring a new listing agent to simple seasonality. Sometimes homes are removed from the market during the holidays and reintroduced after the New Year.
However, pricing also could reflect the whims of the seller, said Anthony Marguleas, founder of brokerage Amalfi Estates in Pacific Palisades near Malibu.
“Since there are few comparable sales to justify the price, the owner usually puts a price tag of what they feel it is worth,” Marguleas said of ultra-luxe listings. “It is common for ultra-high-end properties to reduce 50 percent or more from their original starting price.”
The end of the year is turning out well for ultra luxe sales in Malibu and nearby beach markets.
In Malibu, 6970 Wildlife Road sold for $52 million earlier this month. Another home, 24300 Malibu Road in Malibu, traded for about $23 million this month. Once owned by late television star Suzanne Somers, 24300 Malibu was listed by Jade Mills and Emanuele Rizzo of Coldwell Banker Realty and spent years on and off the market. In April 2021, it was listed for $40 million. Susan Monus of Coldwell Banker Realty represented the buyer in the sale.
In Santa Monica, a luxury home recently sold for $22.5 million; it was initially listed for $33 million.
Joyce Rey of Coldwell Banker Realty said one factor in the uptick in ultra luxe sales is price reductions.
“When you have a difficult market, you have to price more carefully,” Rey said. “If (ultra-luxe sellers) are getting offers, it is likely that they have reduced their list price. Additionally, many sellers are taking substantially less than the asking price.”