Inside the largest mansion for sale in Malibu, going for $58.8 million

Abstract

While the newly developed residence on Ellice Street has a Malibu address and postal code, it's located 2 miles outside of the city of Malibu, where four residences on the PCH have sold for $100 million or more -including the record-breaking compound purchased by billionaire Marc Andreessen in 2021 for $177 million. Here, sales north of $15 million are few and far between. At the current asking price, the newest listing is more than 10 times pricier than the $5.8 million average sales price achieved in Malibu during the third quarter. Public records show developer-owner Kris Halliday of MKH Developments purchased the one-acre lot at 11870 Ellice Street back in 2018 for $5.4 million. After completing the Kaizen House, he listed it in March for $74.8 million - or more than $4,500 a square foot. There were no takers at the initial ask, and over the following eight months it saw three price reductions that took the asking price down by more than 21%. Last month, the ask settled just under $59 million, or about $3,500 a square foot. "We brought it down from $75 million to $58 million, so right now this is looking like a really good deal," said co-listing agent Branden Williams, co-founder of Beverly Hills Estates Group.