Mike Friedman Bags Second Malibu home for $28.5M

Hip hardware mogul Gary Friedman just paid $28.5 million for a second Malibu home in which to add fancy doorknobs.

The head of RH, formerly known as Restoration Hardware, bought the 4,000-square-foot home at 22160 Pacific Coast Highway on Carbon Beach, according to the Robb Report. The seller was interior designer Saffron Case and her husband, Timothy.

In August, Friedman and his wife, Bella Hunter, purchased a 5,600-square-foot house 12 doors away at 22040 PCH for $26.7 million.

Their latest purchase is a redwood-sheathed house, built in 1956, with two floors along the sand.

Between 2018 and 2021, the four-bedroom, five-bathroom property was owned by billionaire Robert Smith, who frequently rented it to short-term tenants. In late 2021, Smith sold it to the Cases for $21.8 million.

The couple conducted a thorough remodel before listing it in February for $39.995 million, then slashing it by neary $10 million, with Friedman paying $1.45 million off the final asking price.

The home has a large living room with custom cabinets and plaster walls, plus a separate bar area. The kitchen includes stone countertops and white oak cabinets, according to Robb.

Three of the home’s bedrooms are located on the main floor, while the master bedroom runs the length of the house and has a private office, spa-style bathroom and boutique-style closet.

A two-car garage faces PCH. A 60-foot wooden deck faces the beach.

Broker Michael Cunningham of Pinnacle Estate Properties represented the seller, while Kurt Rappaport of Westside Estate Agency represented the buyer.

Carbon Beach in East Malibu is now home to billionaires such as Larry Ellison, Michael Milken and film producer Arnon Milchan.

Friedman has been CEO of RH since 2001, with one break. His net worth is $1.6 billion, according to Forbes.

In addition to his two Malibu homes, he owns an 11,000-square-foot mansion in the mountains above Beverly Hills, which just listed for $44 million. Last year, the San Francisco native sold a half-built Los Angeles estate for $24 million.

— Dana Bartholomew