A sprawling oceanfront estate in Malibu, California, has reportedly sold to venture capitalist Marc Andreessen for $177 million. The sale tops the previous record for the most expensive California property, which was set by Amazon founder Jeff Bezos when he purchased an estate for $165 million last year.
The Wall Street Journal first reported that Andreessen was the buyer in the historic deal. The event marks the second-highest sale for home ever in the US, behind hedge fund owner Ken Griffin’s $238-million purchase of a New York City penthouse overlooking Central Park.
LA Times reporting revealed that the seller was Serge Azria, a fashion mogul behind clothing lines such as Joie and Equipment. He bought the seven-acre property for $41 million from late film producer Jerry Weintraub in 2013. Azria has reportedly been shopping the property around for an astounding $218 million.
It looks like Azria was willing to negotiate on the price and let the estate go for $177 million, which still gives him a 300% return on his investment.
The record-breaking $177 million Andreessen paid for the property isn't going to leave the tech entrepreneur strapped for cash. He is worth an estimated $1.6 billion, according to Forbes.
Andreessen is well known in the tech sphere and was one of six inductees in the World Wide Web Hall of Fame. He had his first success co-founding web browser firm Netscape, which AOL bought in 1998 for $4.2 billion in stock. But his biggest return might have been as a seed investor in Facebook.
Details about the property are scarce as it was never listed on the Multiple Listing Service. The Wall Street Journal claims the property is 10,000 square feet and comes with its own cinema and spa. Aerial footage revealed that the home includes a swimming pool and multiple guesthouses.
At the edge of the property, the magnificent main house overlooks the ocean from multiple patios and terraces. Andreessen can find a winding path that will take him down to the beach.
The record-breaking deal comes as home prices in California continue to rise. Some homeowners are calling the situation ‘insane’ as they struggle to find houses that aren’t heavily inflated in price. Kanye West recently purchased a relatively small beachfront house nearby for $57.3 million.
Sources: Wall Street Journal, LA Times, Business Insider
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