Photo Credit: Hilton & Hyland

Nine-digits. Not eight, not seven, but nine. Nine whole digits. Having represented our clients on four $100 Million+ sales over the last three years has been a major honor.

Jeff Hyland, President of Hilton & Hyland, believes LA continues to be the outright leader in the luxury real estate market. “Los Angeles has become the Blue-Chip Art of real estate," Hyland said, and Hilton & Hyland continues to lead the ultra-luxury market.

Maybe the most noteworthy of our nine-digit sales was the record-breaking sale of the Playboy Mansion. The Mansion was one of the most famous homes in the world as Hugh Hefner touted his estate as the premiere party destination for decades. Famous for a plethora of reasons, the sale of the Playboy Mansion in 2016 was exceptionally notable because it launched Los Angeles real estate into the nine-digit-tier for the first time. Drew Fenton and Gary Gold of Hilton & Hyland were the listing agents on this record-breaking $100-million deal.

As the priciest home on Malibu’s famous Billionaire’s Beach, a $110-million off-market transaction set a new Los Angeles County record in 2018. Wrapped in resonant teak wood, the Richard Meier-designed beachfront home of the founder of the Hard Rock Café and Casinos offered seven bedrooms, nine bathrooms, and wrap-around balconies with incredible ocean views within its 8,000-square-feet of living space. Branden and Rayni Williams of Hilton & Hyland were the listing agents.

Photo Credit: Hilton & Hyland

Hilton & Hyland is synonymous with securing record sales and The Manor was no different. Made famous by Aaron and Candy Spelling, The Manor was originally sold by Rick Hilton and Jeff Hyland of Hilton & Hyland in 2011 for $85-million. Rick Hilton and David Kramer of Hilton & Hyland represented the buyer, Formula One heiress Petra Ecclestone. The Manor sold again in the summer of 2019 for $119.75-million by Ecclestone who revamped the estate after her original purchase. As one of the most grand and private residences in the world, even larger than The White House, the 56,000-square-feet masterpiece laid on nearly five-acres of rare flat land that bordered the LA Country Club. A winding driveway lead to a circular motor court with a fountain and space for 100 cars. Jeff Hyland of Hilton & Hyland represented the buyer.

Photo Credit: Hilton & Hyland

Last, but certainly not least, was the $150-million sale of Chartwell (also known as The Beverly Hillbillies Estate) to Lachlan Murdoch, the executive chairman and CEO of the Fox Corporation.  The late Jerrold Perenchio, former Univision chairman and CEO, was able to take the original property and expand it over time into 10.39 incomparable acres in the heart of Bel-Air. The main residence was originally designed by Sumner Spaulding in 1930 with a timelessly elegant exterior of symmetrical cut limestone in the French Neoclassical style. Offering panoramic views from downtown to the Pacific Ocean, Chartwell showcased a rare combination of extensive grounds and powerful jetliner views. Rick Hilton, Jeff Hyland, Drew Fenton and Gary Gold of Hilton & Hyland were the listing agents, while Drew Fenton alone represented the buyer.

As Los Angeles continues to set new records with an increase in nine-digit sales, Hilton & Hyland remains the leader in conducting the highest level of residential deals.

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Annual property taxes for the residence are over $1 million. Recent comps are $15 million lower — two properties, which sold for $85 million within the last 18 months. The area once known as a getaway for Hollywood celebs has become a haven for tech and business billionaires. In fact, one of the area’s most prolific investors is Oracle founder Larry Ellison who has amassed a fortune in prime real estate and helped drive prices up around Carbon Beach.

Michael Smith’s new home, which comprises two parcels with two structures, is sandwiched between two Ellison properties on a half acre with over a hundred feet of beach frontage. It has 8,000 square feet of living space, including seven bedrooms and nine bathrooms. Yes, it’s price is staggering. But everything is relative. 

“There are never going to be that many giant sales [in Malibu], because there are only so many homes that have a lot of beachfront and multiple parcels," Jack Pritchett, co-founder of Malibu-based brokerage Pritchett-Rapf Realtors told the LA Times. "We can say $110 million is a joke, but you can't find multiple-lot properties like Morton’s."

The seller Morton was no newcomer to the area. He acquired his two properties over the previous 30 years paying a comparatively low $5.6 million for both, hiring architect Richard Meier to reconfigure the compound, covering it in teak, facing wrap around balconies towards the ocean.

Malibu’s previous record sale occurred in 2017 when billionaire entertainment industry vet, David Geffen (founder of Asylum, Geffen Records & co-founder of DreamWorks), sold his Carbon Beach residence to LA Dodgers Owner and Guggenhein Partners CEO Mark Walter for $85 million.

The LA market has been on fire recently with some astronomical asking prices — such as $200 million for The Manor, a 56,000-square-foot, 123-room mansion built by television producer Aaron and Candy Spelling and currently owned by Formula One heiress Petra Ecclestone. In 2016, Hugh Hefner’s Playboy Mansion sold for $100 million, which was the previous highest sale in LA County.

However, when a super-high-priced homes hit the market, sellers have to be prepared to wait for the right buyer or reprice. A huge Bel Air mansion hit the market last year for $250 million. No buyers materialized and now the property has come down by $62 million.

Undoubtedly, the most outlandishly priced LA home is a place named The One, built by luxury developer Niles Niami. Price tag: $500 million. In a story that seems scripted around the 2008 financial crash, such ostentatious real estate is even out of the price range of most of Hollywood’s elite, attracting a select few tech billionaires. It all seems a little obscene when LA Country is undergoing a housing crisis with the homeless population rising about 57,000.

“Anyone who buys one of my homes is making a statement about who they are. These properties reflect LA living at its finest,” the 50-year developer, whose other clients include Sean Puffy Combs and the Winklevoss twins, (of Bitcoin fame), told The Guardian newspaper.

Haven’t we seen this all before?

The post LA Real Estate Hits Overdrive With $110 Million Malibu Sale appeared first on Haute Residence by Haute Living.