Malibu home sells for $177 million, setting new California record
Seller is fashion mogul Serge Azria of Joie
Fashion mogul Serge Azria has sold an oceanfront estate in Malibu, Calif., for $177 million.
The deal sets a record in the state of California, and it is the second-highest priced home sold in the U.S., following billionaire Ken Griffin’s roughly $238 million purchase of a New York City penthouse in 2019.
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Previously, the highest-priced deal in was set by Amazon founder Jeff Bezos, who purchased the Warner Estate from media mogul David Geffen for $165 million last year, reported The Wall Street Journal.
Located in the Paradise Cove section of Malibu, the property spans about 7 acres on two lots, according to Mr. Azria. It was previously owned by a trust connected to Hollywood producer Jerry Weintraub, records show. Mr. Azria and his wife, Florence Azria, bought it for $41 million in 2013, records show.
Mr. Azria said it took him four years to completely renovate the property. "I’m proud someone wants to pay this kind of price for something I created," he said, declining to name the buyer.
The main house is roughly 10,000 square feet, he said, and the property has a cinema, a spa and two guesthouses.
Mr. Azria said he decided to sell because he is working on another project: a circa 1927 Spanish-style house in Bel-Air. "I’m the kind of person who likes to move on and do something different," he said.
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Mr. Azria, the designer behind the brands Joie, Equipment and Current/Elliott, sold his company, Dutch LLC, in 2012. He is the brother of the late Max Azria, founder of fashion house BCBG Max Azria Group.
Kurt Rappaport, co-founder of Westside Estate Agency, represented both sides of the deal.