The music mogul had hoped to net $100 million for the property, which has several structures, a swimming pool and spa, a theater, a gym and an outdoor living room with fireplace.

For the cool price of $85 million, David Geffen has sold his oceanfront residence along Malibu’s Carbon Beach neighborhood.

A source close to the deal tells The Hollywood Reporter the sale was recently finalized. While it is significantly below the $100 million the mogul was hoping to get for the gated property, which includes a main two-story residence and two guesthouses, it is still a record for Malibu.

The previous high-water mark was the sale of an estate on Encinal Bluffs, which sold for $75 million in an off-market deal in 2013.

Geffen’s property also boasts a swimming pool and spa, a theater, a gym and an outdoor living room with fireplace. It was originally five parcels that he combined over the span of several decades into two. Little is known about the buyer, other than being described as a well-known businessman.

Unlike several other recent real estate deals north of $75 million, the deal for Geffen’s home does not include any of the art in the house, which is believed to be valued in the hundreds of thousands of dollars.

The Carbon Beach home was also the setting for a public battle in which Geffen tried — unsuccessfully — to prohibit beachgoers from accessing the beach in front of his home.

The agent on the deal for both the buyer and the seller was Westside Estate Agency’s Kurt Rappaport, who declined to comment on the sale.

Click here to read the full article on the hollywoodreporter.com.