Why settle for an oceanfront home when you can have a whole compound? That’s a question one newly listed Malibu estate may have you asking yourself.
The impressive property sits on a coveted Paradise Cove bluff that spans 3.6 acres. The 10,698-square-foot Mediterranean-style main house is complemented by two small discrete guest houses. Altogether, the estate comprises eight bedrooms and 11 bathrooms alongside a tennis court, a three-car garage and, of course, a private pathway to the beach.
The two-story main residence houses a massive kitchen with an island and breakfast room, large custom walk-in closets, staffing quarters and a master suite with a fireplace. Glass-sliding doors throughout provide easy access to the property’s gorgeous outdoor areas. Meanwhile, one of the guesthouses features an upper level designed with vaulted ceilings, so it can be used as a gym, ballet or yoga studio. For those movie nights, there’s also a dedicated screening room with plush seating.
The property was built in 2000, and it was purchased by Public Storage founder B. Wayne Hughes in 2003 for $20 million. His daughter Tammy Hughes Gustavson, who primarily lives in Kentucky, is the current owner of the estate. She inherited it from her late father after his passing in 2021 and remains a majority shareholder in the business and serves on the company board.
Ms. Gustavson’s reasoning for listing the property is surely not due to its setting. The “contemporary villa,” as described by its listing, not only provides breathtaking views of the coastline; the home is designed to blur the lines between indoor and outdoor living. The main living room, for instance, features wall-length, floor-to-ceiling windows that slide open to connect the space with the landscaped patio. A master bedroom, meanwhile, provides a more intimate ocean-view terrace perfect for quieter moments. And for those who love an alfresco meal, a shaded outdoor dining area—complete with a 14-seat table—offers the same stunning views of the Pacific.
As the home’s new owner, you’d also have at least one notable neighbor. WhatsApp co-founder Jan Koum has reportedly spent nearly $190 million on two properties to the south of the Malibu compound over the past three years. If he were to snap up Gustavson’s oceanfront property, the tycoon would have one of the largest single-owner compounds on Malibu’s Tony beachfront, according to local agents. At the time of writing, Gustavson hasn’t mentioned her ideal buyer, but with all that space, suffice it to say it can accommodate the whole family.
Of course, Malibu digs this grand don’t come cheap. The property is currently asking $127 million (yes, $107 million more than its original price). For more information, contact Jade Mills of Coldwell Banker Realty.
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