Photo by Michael Hurcomb/Corbis via Getty Images
- A Malibu mansion sold for $177 million, a record amount for a California property, per WSJ.
- Venture capitalist Marc Andreessen is thought to be the buyer, according to the report.
- The oceanfront home was sold by fashion mogul Serge Azria.
A sprawling oceanfront estate in Malibu, California, has reportedly been sold to venture capitalist Marc Andreessen for $177 million.
The Wall Street Journal first reported the news.
The property was sold by Serge Azria, the fashion mogul behind the brands Joie, Equipment, and Current/Elliott. He had initially bought it for $41 million in 2013, according to the Journal.
The deal tops a previous record for the most expensive California property, which was set by Amazon founder Jeff Bezos, who purchased the Warner Estate from media tycoon David Geffen for $165 million last year, per the Journal.
It is also the second-highest priced home sold in the US, following billionaire Ken Griffin's approximately $238 million purchase of a New York City penthouse in 2019.
The Malibu home is 10,000 square feet and comes with its own cinema and a spa. It also includes a swimming pool and multiple guesthouses, according to The Wall Street Journal.
The California property market has been described as insane. California homeowner Liza Katz sold her Hollywood Hills property for roughly six times what she paid for it 26 years ago. Now a buyer, Katz struggled to find a home that wasn't inflated in price, Insider's Ben Winck reported. She and her husband are now renting in Ventura, a mid-sized city halfway up the coast to Santa Barbara.
Record-breaking property sales have recently occurred in other states too. Insider's Hannah Towey reportedthat sixteen Manhattan homes sold for over $10 million in just one week. It was NYC's best week for luxury real estate since 2013.