Old Hollywood-Era Home Sells After Over a Year on the Market

Topping Malibu’s residential sales charts for the year, a Cape Cod-style estate in the prestigious Malibu Colony enclave closed for $26.8 million on May 2.

Located at 23736 Malibu Colony Road, the six-bedroom, five-bath property was first listed in March 2023 for $38.5 million. The price was reduced to $32.5 million before entering escrow, according to Multiple Listing Service data.

Ownership records identify the seller as a Delaware-based LLC named Nachmi, managed by hedge fund executive Christian Leone, founder and CEO of Luxor Capital Group. Leone acquired the property in 2013 for $17.4 million, yielding a sizable gain despite the sale falling short of the initial asking price.

Compass agent Chris Cortazzo represented the listing. Westside Estate Agency’s Kurt Rappaport and Beverly Hills Estates’ Branden and Rayni Williams represented the buyer, whose identity has not been disclosed. Both brokerages declined to comment.

The gated oceanfront compound spans nearly half an acre and includes a primary residence, a two-bedroom guesthouse with full kitchen and living space, and a separate studio with a kitchenette.

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