Friday, September 30, 2022

Mark Andreessen paid a record $ 177 million for a Malibu mansion

Mark Andreessen paid a record $ 177 million for a Malibu mansion

In a historic deal, billionaire venture capitalist Marc Andreessen paid $ 177 million for a sprawling Malibu estate. This is the largest amount ever paid for a California home, breaking the previous record set by Jeff Bezos last year.

Records show the seller was Serge Azria, a fashion tycoon for clothing lines such as Joie and Equipment. He bought the seven-acre lot for $ 41 million from the late film producer Jerry Weintraub in 2013 and quietly bought it for $ 218 million.

Kurt Rappaport of Westside Estate Agency, who handled both parties to the transaction, could not be reached for comment.

Andreessen is an investor and software engineer who co-founded Silicon Valley venture capital firm Andreessen Horowitz in 2009 and co-authored Mosaic, one of the first web browsers. Forbes estimated Andreesen’s net worth at $ 1.6 billion at the close of trading on Friday.

He also has a home in Silicon Valley, but his new home is much larger. Photos are scarce as the house has never featured on the Multi-Listing Service, but aerial photographs show that the house is located on a long, narrow stretch that stretches from the Pacific Coast Highway to the ocean, about halfway between Paradise Bay and Escondido Beach.

The property makes the most of its space, squeezing into several guest houses, security cabins, a swimming pool and vegetable garden. The main house is located on the edge of the plot. Its many patios and terraces offer ocean views. A winding path descends to the beach.

The house sits next to a huge modern complex belonging to the estate of William Bell and Lee Philip Bell, late husband and wife who co-created the sitcoms Young and Restless and The Brave and Beautiful. Kevin Garnett’s unfinished home, which he sold for $ 16 million in the summer, is across the street.

The big deal is the cherry on top of this year’s record-breaking Southern California real estate market. The region’s average sales price soared to an all-time high, but the ultra-luxury market was slightly quieter than usual and there were no sales above $ 100 million.

The $ 177 million price tag beats the previous California record set last year, when Bezos paid $ 165 million for David Geffen’s famous Warner estate in Beverly Hills. It is also the second most expensive home sale in the United States after Ken Griffin’s purchase of a $ 238 million New York City Penthouse overlooking Central Park.

California’s record has been dropped for the third year in a row. Before Bezos, Bel-Air’s Beverly Hillbilis was ranked # 1 after media mogul A. Jerrold Perencio sold it to Lachlan Murdoch for $ 150 million.

The sale is also redefining the upper segment of the Malibu market, which has always enjoyed strong sales but has yet to reach deal heights in thin Westside neighborhoods such as Beverly Hills and Bel Air. Previously, the Malibu record was held by hotel owner Peter Morton, who sold his oceanfront complex on the beach of billionaires to gas billionaire Michael S. Smith in 2018 for $ 110 million.

Nation World News Desk
Nation World News Desk
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