Malibu Manse Sells at Discounted Price of $50 Million

A local residential developer may not have gotten what it originally hoped for in the sale of its Malibu residence, but still walks away with more than double what it paid for the property in 2022.

TriWest Development, a Hermosa Beach-based luxury residential developer, sold 29130 Cliffside Drive for $49.8 million on June 30, touting the deal as its latest sale.

Cliffside Drive joins more than 200 properties TriWest has built and sold to date with the Hermosa Beach-based developer focused mostly on investing in Los Angeles County’s coastal high end.

The majority of TriWest’s projects under construction are in the South Bay, with a heavy concentration in Manhattan Beach and Hermosa Beach.

The buyer of the Malibu residence is a Burlingame limited liability company called Marine Sunset, according to the deed and state records.

The Beverly Hills Estates’ Branden and Rayni Williams and Preston Gazowsky, along with The Agency’s Christian Name represented the seller. Branden, Rayni and Gazowsky also represented the buyer.

The Beverly Hills Estates declined to comment on the closing price, citing an NDA. TriWest did not respond to a request for comment Wednesday.

TriWest purchased the property in 2022, paying $20.8 million for it, according to the deed. The property then underwent massive construction, per Robb Report.

In August, TriWest placed the home on the market for $65 million. The price was reduced to $58 million in December.

The five-bedroom, eight-bathroom home totals 8,000 square feet and sits on about an acre. Among the major highlights touted in the listing are the private stairs leading to the beach, 270-degree views, a guest house, motor court, sport court, gym, elevator, theater and wine cellar.

Malibu slowdown

The deal just barely misses the year’s current record for priciest close in Malibu, which remains with 24198 Case Court, according to Zillow records.

The Case Court property sold in June for an even $50 million, according to listing sites. It’s one of only five estates, each perched on their own bluff, that comprise Scott Gillen’s The Case development.

It has otherwise been a quiet year for Malibu relative to last year’s explosive summer for deals in the beach city.

Gillen’s 24186 Case Court traded last year for $61 million, but that wasn’t even close to some of the other records set in Malibu in 2024.

Last year, Laurene Powell Jobs shelled out $94 million for her fourth property in the city. The Paradise Cove transaction was the latest for the widow of Apple co-founder Steve Jobs. There was also 2024’s reported $210 million sale of Oakley and Red Digital Cinema founder Jim Jannard’s estate at 33064 Pacific Coast Highway, which set a new state record.