Roy March, the CEO of real estate investment banking firm Eastdil Secured, is in contract to sell a Malibu mansion that he has owned for more than two decades.
The 3,566-square-foot home at 23634 Malibu Colony Road #50 has been on and off the market since 2018. It was originally offered at $23.5 million, and went into contract in mid-January with a last asking price of $25 million, according to Zillow.
The four-bed, seven-bath home is an Italian-style villa that’s also known as La Luce della Luna (the light of the moon), according to the listing. It has features such as an outdoor living area with a fire pit, a beachfront lounge and a rooftop living space.
March bought the home for $3.4 million in October of 1999, property records show. The entity that owns the home also includes March’s wife Barbara as a trustee.
March was named the president of Eastdil in 1994, five years before the firm was acquired by Wells Fargo. He was named Eastdil’s CEO in 2006 as the firm completed a merger with Los Angeles company Secured Capital. During his tenure, he has been involved in a number of large real estate transactions, foremost of which was Harry Macklowe’s $1.4 billion purchase of the GM Building in Manhattan in 2003.
If the sale of March’s home closes, it would add to the growing list of expensive Malibu residential sales this year. In late January, developer Richard Weintraub sold 27234 and 27242 Pacific Coast Highway, a 15,700-estate that is one of the largest beachfront properties in Escondido Beach, for $44.5 million. Reality TV star Grant Cardone also recently bought a home on Billionaire’s Beach, with the address of 21808 Pacific Coast Highway, for $40 million.
Hilton & Hyland’s Chad Rogers, the agent in charge of the listing, did not respond to a request for comment.
The post Eastdil CEO Roy March finds buyer for Malibu home appeared first on The Real Deal Los Angeles.
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