A home on Malibu’s Carbon Beach that was owned by the late billionaire real-estate developer-turned-philanthropist Eli Broad has sold for roughly $52 million, according to two people familiar with the deal. The property is one of the most expensive to have sold in the Los Angeles area in recent months.
The property, a glass-and-white aluminum modernist house with five bedrooms, first came on the market for $75 million in February 2020, The Wall Street Journal reported. It had since undergone a major price cut to $58.5 million.
Designed by architect Richard Meier, it has about 105 feet of oceanfront and spans about 5,374 square feet across the main house and a small guesthouse. Both architectural enthusiasts, the Broads had owned the property for nearly two decades and had tapped Mr. Meier to design it, completing it around 2002.
Mr. Broad died in April at 87. His family was represented in the sale by Branden and Rayni Williams of the Beverly Hills Estates and Kurt Rappaport of Westside Estate Agency. Chris Cortazzo of Compass represented the unidentified buyer. The Broads couldn’t immediately be reached.
Carbon Beach has long been home to a string of business titans, including Oracle co-founder Larry Ellison and entertainment executive Jeffrey Katzenberg. Hard Rock Cafe co-founder Peter Morton sold a Richard Meier-designed home there for $110 million in 2018 in one of the biggest deals ever closed in the Los Angeles area, The Wall Street Journal reported.