Geffen Records founder David Geffen has sold his Malibu compound, in the process breaking the record for the most expensive single residence transaction in the city's history. The Carbon Beach estate has sold for $85 million.
Billionaire multi-media mogul David Geffen has nabbed a cool deal on his oceanside estate in Malibu's Billionaire Beach (also known as Carbon Beach). He listed the property, which sold to a limited liability company, originally hoping to sell it for $100 million. Despite falling short of his initial asking price, Geffen still shattered real estate records in Malibu, raking in $85 million for the coveted beach home.
Little is known about Geffen's now-former residence in Malibu, as evidenced by the lack of photographs, details, or a public listing for the address before it was plucked from the market. Like many of Malibu's coveted Carbon Beach homes, the property is right by the water and boasts an East Coast vibe with gray shingles and white trim. The property itself is one of up to five individual parcels merged together to contain the compound, one of which previously belonged to Doris Day. According to Variety, Geffen spent several years acquiring land for the compound.
Up until now, Geffen's home has been known to have tight security as to prevent any paparazzi or unwanted visitors. The full compound is made up of a handful of buildings, one of which holds a large private movie theater. A swimming pool, lily pond, and nine-car garage round out the remainder of the premises.
Although the selling price wasn't exactly what Geffen had hoped for when first listing the property, there's no doubt that he's walking away with quite a profit (and, of course, as a real estate sale record holder). The previous record-setting sale in the area was of an estate located on Encinal Bluffs, which was bought in an off-market deal in 2013 for $74.5 million. Geffen is said to be selling the property because he now spends most of his time in New York City, where he currently resides in a multi million-dollar penthouse.
David Geffen is a well-known record executive, film and theater producer, and philanthropist who has a net worth of $6.9 billion. Most widely known as the namesake and founder of Geffen Records, he helped sign such talents as Donna Summer, Nirvana, and Blink 182, also releasing John Lennon's Double Fantasy album. Geffen's success in the film world began when he helped start the original DreamWorks company. In the philanthropic field, Geffen is known as the single largest donor to the UC system for his contributions of millions to UCLA. Openly gay, the media mogul spoke out against Prop 8 and was rated first in Out Magazine list of the fifty "most powerful gay men and women in America."