The billionaire investor, Howard Marks of Oaktree Capital Management, a Los Angeles based investing firm, has reportedly sold his Malibu beach house for $75 million. The buyer is reported to be a Russian couple, who plans on using the home as a vacation venue.
The enormous beach front property was never publicly listed. It originally bore a price tag of $125 million but finally sold for the aforementioned price. The $75 million, all-cash sale is a record breaking local real estate sale, which beat the previous record sale of the Carbon Beach Mansion owned by Nancy Daly Riordon. The Carbon Mansion sold in 2008 for $68 million, reports Forbes.
The Malibu Mansion is spread across a vast expanse of 9.5 acres. The main house is a 20,000 square feet unit with 8 bedrooms and 14 baths. The residence also boasts of a couple of guest houses with tennis courts. Around 91 meters of beachfront space belongs to the residence premises as well, reports Bloomberg.
A gym and two satellites are also some of the features of the house. A few years back, the home was renovated by Marks and his wife Nancy with ace designer, Michael Smith, who also happens to be the designer of the Oval Office in the Whitehouse! The couple had the swimming pool rejigged and the grounds of the residence landscaped in late 2008, reports Wall street Journal.
The Marks had purchased the home in 2002 for $31 million from then owner Mark Hughes, founder of Herbalife. The sale is also one of the biggest ones of South California. The couple is also looking forward to sell off itsr Ritz Carlton Condo in Manhattan. Currently the condo is listed for $50 million, reports Forbes.
Howard Marks worked as a financial analyst in Citi Corp. He also became the co-founder of TCW and continued his tenure with the firm until he and five more partners left to start Oaktree Capital Management.
