David Geffen — billionaire entertainment industry titan and philanthropist — may have just made a nice chunk of cash. He reportedly sold off a swathe of property in Malibu for $85 million, according to Variety.
It was reportedly put on the market last summer for $100 million in a private listing.
The five-parcel estate on sought-after Carbon Beach (a one-mile section nicknamed “Billionaire’s Beach”) is right in the thick of Malibu and boasts a nice stretch of beachfront. Situated between the Pacific Coast Highway and the water, and surrounded by hotspots like the Malibu Pier and Nobu Restaurant, it’s a fine spot to call home.
Geffen picked up the first parcel in the 1970s, and has only expanded his holdings there — until now. His neighbours include Oracle billionaire Larry Ellison and former Dodgers exec Jamie McCourt, among others.
But Geffen’s property has also been the scene of a little bit of legal conflict for decades. Although all 1,100 miles of California’s coast are technically public access by law, Geffen has attempted to make his beach appear private by constructing a fake-front garage and constructing his homes (and privacy hedges) to limit access to the public easement path. The construction was intended to dissuade casual passersby from parking in front of his house and getting to the sand beyond.
The compound includes a main home, a guest house, and a pool house. Inside the gates, you can find a screening room, lawns, a lily pond, and swimming pool, plus a five-car garage, Variety reports. It’s bordered by some very robust hedges.
So where’s Geffen going? He has plenty of options, starting with his multiple superyachts. When he’s in the mood to stay in California, he can switch out between his second Carbon Beach home, a “fairly modest” Beverly Crest spot, and a Beverly Hills mega-mansion, which Variety says he bought for $47.5 million in 1990. Or when the East Coast calls, he can decamp to his Manhattan condo and penthouse on 5th Avenue, or to his six-acre East Hampton estate.
NOW WATCH: Watch Martin Shkreli laugh and refuse to answer questions during his testimony to Congress
Business Insider Emails & Alerts
Site highlights each day to your inbox.