The acquisitions include eight lots on La Costa Beach and one on Carbon Beach, known as “Billionaires Beach.” A tenth lot is currently in escrow
A foreign investor has discreetly purchased nine fire-damaged beachfront lots along Malibu’s Pacific Coast Highway for over $65 million, aiming to rebuild luxury homes on the iconic coastline ravaged by January 2025 wildfires, according to Realtor.com.
The investor, whose identity remains undisclosed, is targeting lots with at least 40 feet of frontage, a strategy to maximize rebuilding potential under new regulations, Realtor.com reported. The acquisitions, facilitated by luxury real estate agent Weston Littlefield of the Weston James Group, include eight lots on La Costa Beach and one on Carbon Beach, known as “Billionaires Beach.” A tenth lot is currently in escrow.
“Once this beach is built back with brand-new construction, it’s going to be a very desirable spot for wealthy buyers,” Littlefield told Realtor.com. He noted that the investor’s team, including architects and expediters, carefully selected properties to ensure optimal size and frontage for high-value resales, with some lots previously owned by notable figures like Rick Caruso and Candy Spelling.
The largest lot, measuring 90 feet wide, was purchased for $13.8 million, while an 80-foot lot with a rare pre-existing in-ground pool sold for $12.8 million, Realtor.com stated. Other lots range from 63 to 40 feet in width, designed to support homes valued at $25 million or more upon completion.
The January wildfires destroyed 720 structures in Malibu, leaving many beachfront properties reduced to ash. Rebuilding is a complex process, with the city’s Malibu Rebuilds website estimating 12 to 24 months for permit approvals. New constructions face stringent requirements, including a base planning fee of $11,579, compliance with FEMA flood plain standards, and restrictions on septic systems, necessitating advanced wastewater treatment systems. Narrow lots on La Costa Beach also face view restrictions, and existing seawalls must be certified or replaced.
Littlefield told Realtor.com that the investor is prepared for an 18-month wait before breaking ground, acknowledging the significant risk and estimated $100 million total investment in land. “They have true intentions to make Malibu great again,” he said, emphasizing the rarity of an entire beachfront of new homes in a globally renowned market.
