Beverly Hills · Malibu


Beverly Hills · Malibu

WEA in the Wall Street Journal

Billionaire investment manager Howard Marks has sold his 9.5-acre estate in Malibu for roughly $75 million, according to several people familiar with the matter. A Russian billionaire couple were the buyers, these people said.

The price is among the highest ever paid in the U.S. for a single-family home and is the most expensive sale on record in Malibu.

The home was being quietly shopped for around $125 million but was never formally listed. The main house spans about 15,000 square feet, with eight bedrooms and 14 bathrooms. There are three satellite structures on the property, including two guesthouses and a gym.

At the end of 2008, Mr. Marks, chairman of Los Angeles-based Oaktree Capital Management, and his wife Nancy completed a seven-year renovation of the property with Michael Smith, the designer who redid the White House Oval Office a few years ago, according to someone familiar with the designer. They also relandscaped the grounds and redid the swimming pool. The Markses also worked closely with Mr. Smith in designing their two apartments in New York.

According to public records, Mr. Marks and his wife bought the home in 2002 for $31 million from the estate of Herbalife founder Mark Hughes, who died in 2000. Fred J. Bernstein of Westside Estate Agency represented the sellers.

Click here to read the article on wsj.com


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