This $58,808,000 mansion overlooking the Pacific Ocean is likely one of the largest houses on the market in Malibu.
At 16,600 sq. toes, it is the grandest single-structure residence on the town and a whopping 4,100 sq. toes larger than the next-largest house available on the market.
The Bali-inspired residence at 11870 Ellice Avenue, named the Kaizen Home after a Japanese time period which means “steady enchancment,” is perched above the Pacific Coast Freeway at County Line Seaside. The trendy glass-and-concrete structure is constructed round an open-air courtyard with lush palms and a koi pond.
Aerial view of the house’s open-air courtyard and koi pond.
Whereas the newly developed residence on Ellice Avenue has a Malibu tackle and postal code, it is positioned 2 miles outdoors of town of Malibu, the place 4 residences on the PCH have bought for $100 million or extra —together with the record-breaking compound bought by billionaire Marc Andreessen in 2021 for $177 million.
Ellice Avenue is positioned in Ventura Nation, lower than a mile west of Los Angeles County. Right here, gross sales north of $15 million are few and much between.
And but, the road that spans beneath a half-mile has seen 5 smaller mansions, each older than the Kaizen Home, promote for between $15 million and $24.7 million. The new neighborhood’s prime sale closed in October commanding simply over $2,500 per sq. foot, in line with public information, method above common for Malibu.
The Kaizen Home spans two ranges and 20,000 sq ft with a 95-foot infinity pool within the yard.
On the present asking value, the most recent itemizing is greater than 10 occasions pricier than the $5.8 million common gross sales value achieved in Malibu through the third quarter. The common value per sq. foot hovered slightly below $1,400, in line with the Elliman Report compiled by Jonathan Miller, president of Miller Samuel Actual Property Appraisers & Consultants.
Public information present developer-owner Kris Halliday of MKH Developments bought the one-acre lot at 11870 Ellice Avenue again in 2018 for $5.4 million.
After finishing the Kaizen Home, he listed it in March for $74.8 million — or greater than $4,500 a sq. foot. There have been no takers on the preliminary ask, and over the next eight months it noticed three value reductions that took the asking value down by greater than 21%.
The mansion at 11870 Ellice St sits above the Pacific Coast Hwy in Malibu overlooking the ocean.
Final month, the ask settled slightly below $59 million, or about $3,500 a sq. foot. That price ticket would nonetheless be an all-time excessive for the part of Malibu that sits in Ventura County.
“We introduced it down from $75 million to $58 million, so proper now that is trying like a very whole lot,” mentioned co-listing agent Branden Williams, co-founder of The Beverly Hills Estates.
Glass partitions on the house’s decrease degree open to the solar deck and swimming pool.
The six-bedroom, 10-bath house is being marketed within the midst of some very difficult headwinds: rising mortgage charges, skyrocketing inflation and the potential for recession. Nonetheless, Williams instructed CNBC he stays assured.
“Is it difficult? In fact, will this home promote? Sure,” he mentioned.
What’s extra, Williams mentioned the home can command a premium in gentle of its sheer dimension, the high-end supplies inside, and the truth that it is new development, which is uncommon in Malibu.
Here is a glance across the $58.8 million Kaizen Home:
The house’s dramatic entrance delivers fireplace, water, and intricately carved Belgian bluestone partitions
Halliday infused the mansion with Indonesian influences which can be evident even earlier than stepping inside.
A glass entryway is flanked by a pair of carved stone statues and two fireplace options that seem to bop on water. The massive glass-paneled doorway is framed by partitions coated in Belgian blue stone intricately carved in Asia, itemizing agent Williams mentioned.
The stone paintings is a design ingredient that is repeated in different areas all through the house. Williams calls the structure “Zen fashionable tropical.”
The higher half of the lobby’s 25-foot partitions are clad in onyx imported from Asia.
The double-height lobby is drenched in daylight that streams although a 30-foot-wide sky gentle.
The decrease portion of the lobby’s 25-foot partitions is roofed in fluted oak, whereas the higher half is wrapped in an attention-grabbing dragon onyx from Asia, Williams mentioned.
A stone path leads into the open-air courtyard and throughout the koi pond.
Handed the lobby is the house’s tropical-themed courtyard, the place lush greens are punctuated by crimson flowering vegetation and glass lamps that double as heaters.
Water cascades down the courtyard’s intricately carved Belgian bluestone wall into the koi pond.
The primary wall within the central backyard is clad in additional of the intricately carved blue rock. Water cascades down the stone’s floor and trickles into the pond, filling the house with the soothing echo of a operating stream.
The 14-guest eating room desk is centered between a dwelling wall of leafy inexperienced vegetation on one aspect and a 2,000-plus-gallon aquarium on the opposite. The saltwater tank affords a watery window right into a vibrantly coloured dwelling space on the opposite aspect.
The brightly-colored dwelling space has a trifecta of water views together with the two,000 gallon aquarium, infinity pool and Pacific Ocean.
On the press of a button, many of the house’s glass partitions spring into movement and open to the outside.
The automated luxurious opens the eating room, kitchen and two first-floor dwelling areas to a powerful pool deck.
The 95-foot infinity pool within the yard incorporates a 12-person sizzling tub, partially submerged solar loungers and underwater stools that supply a refreshing spot from which to entry the poolside bar.
The swimming pool features a solar lounging space and sunken dialog pit with fireplace function.
The primary kitchen options two islands totally wrapped in a particular inexperienced bamboo onyx.
Hidden behind the kitchen’s fluted-oak cabinetry is a second full kitchen for the non-public chef. And like many of the stone featured within the residence, the stone-clad islands have lights embedded inside which ignite the onyx with a luminous glow after darkish.
The the house cinema incorporates a state-of-the-art Dolby Atmos sound system, carpeting imported from New Zealand and extra illuminated stone.
The house’s higher degree consists of six ensuite bedrooms, every with its personal terrace.
Within the main suite voice-controlled glass partitions will be commanded to slip away for entry to a non-public terrace that overlooks the ocean.
Main suite tub.
The suite features a stone-covered tub and a pair of walk-in closets, which additionally function spectacular views of the Pacific.
The first suite’s walk-in closets embrace a floor-to-ceiling window with spectacular views of the ocean.
Together with Williams, the itemizing is represented by brokers Rayni Williams and Tony Barsocchini of The Beverly Hills Estates and Kurt Rappaport of the Westside Company.