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WSJ: 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.

Previously, the highest-priced deal in California 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. 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.

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




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