Legendary investment manager and Oaktree Capital chairman Howard Marks has made some major real estate moves recently.
Now, Marks has sold his 9.5-acre estate in Malibu to an unnamed Russian billionaire couple for roughly $75 million, The Wall Street Journal‘s Lauren Schuker Blum reports.
The estate, which has 300 feet of beach frontage, had been quietly shopped around for $125 million. In addition to the main house, it has two guest houses and a gym.
Brokers told the WSJ it was the second most expensive residential real estate sale in Southern California, behind the $85 million sale of the Spelling Manor to Formula One heiress Petra Ecclestone last year. It’s the most expensive property ever sold in Malibu.
Marks and his wife Nancy bought the estate in 2002 from the estate of late Herbalife founder Mark Hughes for $31 million.
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