Howard Marks lists Malibu beachfront home for $38.5 million
Updated
Updated · The Wall Street Journal · May 6
Howard Marks lists Malibu beachfront home for $38.5 million
5 articles · Updated · The Wall Street Journal · May 6
The Oaktree co-founder bought the Broad Beach property with wife Nancy in 2021 for $29.169 million and is selling because they are spending more time on the East Coast.
The roughly 6,200-square-foot Cape Cod-style house has five bedrooms, a guesthouse and about 100 feet of beachfront, and was recently redesigned by interior designer Michael S. Smith.
Agents say Malibu could see stronger activity as it recovers from the Pacific Palisades fire; Redfin said the median home sale price there was $4.82 million in March, down 13.6% year on year.
Is this billionaire investor’s $38.5M home sale a contrarian bet against the luxury real estate market he once dominated?
How does an investor who preaches market caution justify seeking a 32% profit on his Malibu home in two years?