William McMorrow, chairman and CEO at Kennedy Wilson real estate investment trust, recently listed a beachfront house in Malibu for $55 million, according to property records.
McMorrow bought the 4,276-square-foot residence at 28034 Sea Lane Drive for $14.4 million in 2013. The REIT chief is selling the three-bedroom, four-bathroom house for almost $10,000 per square foot. It features three separate outdoor decks which face the Pacific Ocean. Chris Cortazzo of Compass has the listing.
Located in a gated community, the three-level home was built on a lot that stretches out to almost an acre. The house’s eight-figure price tag takes into account the listing’s location and grounds. It has 88 feet of beach frontage. The home is located less than a mile away from Paradise Cove Pier and a short drive away from Point Dume.
Any beachfront area in Malibu is pricey. Less than one mile away, a mobile home at the address 97 Paradise Cove Road is currently on the market for almost $4 million. However, Malibu seems to be going through an uptick in listings and sales of trophy homes.
Pop star Cher recently listed a Malibu estate for $85 million. Cher’s abode at 25142 Pacific Coast Highway is a four-minute drive from 28034 Sea Lane Drive. Reality TV star and entrepreneur Kim Kardashian paid $70.4 million for Cindy Crawford’s former estate, which is a 10 minute drive away from the Sea Lane Drive house. Media mogul Byron Allen also paid $100 million for a Malibu home earlier in October.
A message to Kennedy Wilson was not returned by presstime. It is unclear why McMorrow is selling the home.
The company has a market capitalization of more than $2.1 billion, according to Yahoo Finance.
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