The Malibu, Calif. home of the late philanthropist Nancy M. Daly, the ex-wife of former Los Angeles Mayor Richard Riordan, has sold for more than $40 million. It was first listed for $57 million and most recently asked $47 million.
The buyer, listed as a Delaware limited-liability company in public records, intends to lease the mansion on Carbon Beach, according to a source with knowledge of the deal.
Neighbors on “Billionaire’s Beach” include Microsoft co-founder Paul Allen, David Geffen and Jeffrey Katzenberg. The home, on 0.75 acre with 180 feet of beach frontage, has eight bedrooms, nine fireplaces and a double-height living room with glass doors which slide into a wall. The estate features 12,785 square feet, 9 fireplaces, a double-height living room with glass walls, swimming pool and spa that is covered by a frame-less glass wind screen.
This retreat also comes equipped with a sports court and balconies and terraces galore – one of which is accessible through the master suite, and another by a stone staircase. Ms. Daly built the mansion in 2002 after buying the three lots comprising the estate in the 1990s.
California’s Cash for Appliances program had about $8.3 million in rebate funds remaining as of last week.
Naive question of the year – is the 180 ft of beach frontage also public access?
Beautiful house. And yes, that is also public access. There have been battles before with the California Coastal Commission and (not shockingly) they won.
The only private beaches are few and far between and were deeded before that law was enacted…I believe.
OT~ I’ll be up all night, (Movers arrive Monday) and just noticed this from the LA Times (online 11/5): “Foreclosures: A Tale of Two Housing Busts – Why is California Recovering and Florida Still Struggling?”
Full article:
http://www.latimes.com/business/realestate/la-fi-foreclosure-states-20101105,0,2211115,full.story
why dont they use some of that 8.3 million from the appliances program to balance the budget?
joe-It’s probably restricted Federal funds that can’t be used for anything else.
#4 Susie: Quick answer, “hurricanes”. 🙂
#7, I disagree. Florida had a lot more speculative building than California, and much of that building was in the form of high-rise beachfront properties. California generally doesn’t allow high-rise waterfront buildings (except where the waterfront is also a downtown, such as San Francisco and San Diego). Instead we get $40 million beach mansions, more of a Long Island approach….
Very true #7. Even in the early 70’s when I visited Ft. Lauderdale Fl for possible move, I was very disappointed by the beaches being destroyed by high rise condos, and it obviously only got much worse. I moved to Ca and was glad to see the citizens/coastal commission had prevented that from happening here….granted… it has raised the cost here, but you get what you pay for. But the no hurricanes are definitely related also. I’ll take the quake risk over that. Then there’s humidity, oppressive heat in summer…mosquitoes, bugs & more bugs…ok….enough said.