$40 million price tag on Malibu property
By Toi Creel
A luxury oceanfront mansion is now on the market near Pacific Palisades.
The home–21528 PCH just north of Las Flores–listed by Rick Caruso, philanthropist, American billionaire, businessman and luxury resort tycoon– is on sale for $40 million. Caruso currently has another home in Brentwood, where he and his family spend the majority of their time, as reported by The Wall Street Journal.
The mansion boasts nearly 7,300-sq-ft and features black-and-white marble-tiled floors. The home also features a black-and-white theme throughout the building including white cabinets and a black fireplace to an outdoor deck.
According to The Wall Street Journal, “He remodeled it, taking it down to the studs. The resulting five-bedroom looks like a whitewashed beach house and has a handset stone driveway, a formal dining room and a large living room with a painted brick fireplace.”
It appears Caruso is aiming to make a profit from the sale. Documents show he purchased the property in 2008 at a price of $11.3 million. The family is allegedly set to sell the home to make room for an expansion on a property in Orange County.
Forbes’s net worth for Caruso online is listed at more than $3 billion. The owner of major Los Angeles shopping centers the Grove and Palisades Village, He also owns several resorts and properties across Los Angeles.