How much is an acre worth? Try more than $2 million—at least in Malibu.
Malibu has achieved a new real estate benchmark with the record-setting land sale of $50 million for a 24-acre plot on the Bluffs above Malibu Colony. The jaw-dropping price is the highest amount ever paid for undeveloped land in the beachfront community. Located at 24108 Pacific Coast Highway, the West Coast promontory offers 360-degree views of the Pacific coastline, ocean, and mountains.
Scott Gillen, the founder and owner of Unvarnished, purchased the undeveloped plot and is planning to build five custom oceanfront homes on the picturesque bluff. The private residential enclave, which will be known as the Case, will showcase mid-century modern homes ranging from around 10,500 to 13,500 square feet. Prices will start at around $40 million and go up to around $60 million. When introduced to the market in about 2.5 years, the homes will have a combined listing price of more than $300 million. The completed community will offer 24-hour security, offering privacy and security to high-profile clients.
A longtime resident of Malibu, Gillen is no stranger to the luxury market. He previously envisioned 22 properties in the area, including the New Malibu Castle, a 10,500-square-foot oceanfront home which is the most expensive listing currently on the market in Malibu.
Coldwell Banker Global Luxury and Sandro Dazzan represented Scott Gillen during the sale; they also hold the listing for the New Malibu Castle.