Inside a Malibu mansion on sale for $58.8 million

0
186
Inside Malibu's largest home for sale: $58.8 million

This $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu.

At 16,600 square feet, it’s the grandest single-family home in town and a whopping 4,100 square feet larger than the next largest home on the market.

The Bali-inspired residence at 11870 Ellice Street, dubbed the Kaizen House for a Japanese term for “continuous improvement,” towers over the Pacific Coast Highway on County Line Beach. The modern glass and concrete architecture is built around an open courtyard with lush palm trees and a koi pond.

Aerial view of the home’s outdoor courtyard and koi pond.

Simon Berlin

While the newly developed residence on Ellice Street has a Malibu address and zip code, it is 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 property owned by a billionaire Marc Andreessen was bought in 2021 for $177 million.

Ellice Street is located in Ventura Country, less than a mile west of Los Angeles County. Sales of more than 15 million dollars are rare here.

And yet the street, which stretches for less than half a mile, has seen five smaller mansions, each older than the Kaizen home, that have sold for between $15 million and $24.7 million. The hip neighborhood’s top sell-off closed in October at just over $2,500 per square foot, well above the Malibu average, according to public records.

The Kaizen House is two levels and 20,000 square feet with a 95 foot infinity pool in the backyard.

Simon Berlin

At the current asking price, the latest listing is more than 10 times the average selling price of $5.8 million realized in Malibu in the third quarter. According to the Elliman report compiled by Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultants, the average price per square foot was just under $1,400.

Public records show that developer and owner Kris Halliday of MKH Developments purchased the one-acre lot at 11870 Ellice Street for $5.4 million back in 2018.

After he finished the Kaizen house, he listed it in March for $74.8 million — or more than $4,500 per square foot. There were no takers on the initial request, and over the next eight months there were three price drops that reduced the asking price by more than 21%.

The mansion at 11870 Ellice St is located above the Pacific Coast Highway in Malibu overlooking the ocean.

Simon Berlin

It billed just under $59 million last month, or about $3,500 per square foot. That price would still be an all-time high for the portion of Malibu that is in Ventura County.

“We’ve brought it down from $75 million to $58 million, so it looks like a really good deal right now,” said co-listing agent Branden Williams, co-founder of The Beverly Hills Estates.

Glass walls on the lower level of the house open onto the sun deck and swimming pool.

Simon Berlin

The six bedroom, ten bath home is being marketed amid some very challenging headwinds: rising mortgage rates, skyrocketing inflation and the potential for a recession. Still, Williams told CNBC he remains hopeful.

“Is it a challenge? Of course, will this house be sold? Yes,” he said.

Additionally, Williams said the home can offer a premium given its sheer size, the quality materials inside, and the fact that it’s a new construction, which is rare in Malibu.

Here’s a look at the $58.8 million Kaizen House:

The home’s dramatic entrance features fire, water and intricately carved walls of Belgian bluestone

Simon Berlin

Halliday infused the villa with Indonesian influences that are evident even before entering.

A glass entrance is flanked by two carved stone statues and two fire elements that appear to dance on water. The large glass-paneled door is framed by walls covered in Belgian blue stone, which was intricately carved in Asia, listing agent Williams said.

The stone artwork is a design element that is repeated in other areas of the home. Williams calls the architecture “Zen Modern Tropical”.

The top half of the foyer’s 25-foot walls are clad in onyx imported from Asia.

CNBC

The double height foyer is flooded with sunlight streaming through a 30 foot wide skylight.

The lower portion of the foyer’s 25-foot walls are clad in fluted oak, while the top half is clad in a striking dragon onyx native to Asia, Williams said.

A stone path leads into the open-air courtyard and across the koi pond.

Simon Berlin

Beyond the foyer is the home’s tropical-themed courtyard, where lush greenery is punctuated by red flowering plants and glass lamps that double as heaters.

Water cascades into the koi pond along the courtyard’s intricately carved Belgian bluestone wall.

CNBC

The main wall in the central garden is faced with more of the intricately carved blue rock. Water cascades over the stone surface and seeps into the pond, which fills the space with the soothing echo of a flowing stream.

The dining table for 14 guests is centered between a living wall of green vegetation on one side and a 2,000+ gallon aquarium on the other. The saltwater tank offers a watery window into a colorful living area on the other side.

The colorful living area offers a trifecta of water views including the 2,000 gallon aquarium, infinity pool and the Pacific Ocean.

Simon Berlin

At the push of a button, most of the glass walls in the house move and open to the outside.

Automated luxury opens the dining room, kitchen and two living areas on the first floor to an impressive pool terrace.

The 95-foot infinity pool in the backyard features a 12-person hot tub, partially submerged sun loungers, and underwater stools, providing a refreshing spot from which to access the poolside bar.

The pool includes a sun lounger area and a sunken conversation pit with fire feature.

Simon Berlin

The main kitchen features two islands entirely encased in a distinctive green bamboo onyx.

Hidden behind the kitchen’s fluted oak cabinets is a second full kitchen for the private chef. And like most of the stones in the residence, the stone-clad islands have lights embedded within that ignite the onyx with a glowing glow after dark.

The home theater features a state-of-the-art Dolby Atmos sound system, carpets imported from New Zealand, and more illuminated stone.

Simon Berlin

Primary suite

Simon Berlin

The upper level of the home comprises six en-suite bedrooms, each with its own patio.

In the master suite, voice-activated glass walls slide away to reveal a private terrace overlooking the ocean.

Master suite bathroom.

Simon Berlin

The suite includes a stone-topped bath and two walk-in closets that also offer sweeping views of the Pacific Ocean.

The master suite’s walk-in closets feature floor-to-ceiling windows with sweeping views of the ocean.

Simon Berlin

In addition to Williams, the listing is represented by agents Rayni Williams and Tony Barsocchini of The Beverly Hills Estates and Kurt Rappaport of Westside Agency.