The Pacific Ocean and beaches close to Malibu, California. Photo by Michael Hurcomb/Corbis via Getty Images
According to the WSJ, $177 million was paid for a Malibu home, which is a record for California properties.
According to the report, Marc Andreessen, a venture capitalist, is believed to have been the buyer.
Serge Azria, a fashion mogul, sold the oceanfront property.
Marc Andreessen, a venture capitalist, has apparently purchased a sprawling estate on Malibu's oceanfront for $177 million.
The Wall Street Journal reported the news first.
Serge Azria (fashion mogul behind Joie, Equipment and Current/Elliott) sold the property. According to the Journal, he had originally purchased it for $41million in 2013.
This deal surpasses the previous record for California's most expensive property. It was set by Jeff Bezos who bought the Warner Estate from David Geffen, a media tycoon, for $165 million in 2013.
This home is also the second most expensive in America, after the $238 million purchase by billionaire Ken Griffin of a New York City penthouse.
Malibu's home measures 10,000 square feet. It also has its own cinema and spa. According to the Journal, it also features a swimming pool as well as multiple guesthouses.
Insider's Ben Winck reported that Liza Katz, a homeowner in California, recently called the California property market "insane". Her Hollywood Hills property was sold for six times the price she paid 26 years ago. Katz was unable to find a home at a fair price as she tried to buy it.
In other states, record-breaking property sales also occurred recently. Hannah Towey, Insider's reporter, reported that 16 Manhattan properties sold for more than $10 million in one week. This was New York City’s most successful week in luxury real estate sales since 2013.
Business Insider has the original article.
