Crown Pointe confirms “net zero” appetite with $29M Malibu sale

Eco-conscious developer Crown Pointe Estates at Malibu just bested itself with the $28.5 million sale of its net-zero carbon spec home.

The transaction marks the second property sold in what Crown Pointe calls its Zero Series of carbon-neutral projects, with the first home trading for $23 million in 2022. The developer views the sale as proof there’s appetite among some buyers in paying a “green premium” for everything from their clothing and cars to residences, according to Crown Pointe’s Scott Morris.

“The net-zero attribute has really increased demand for our properties over the past years and more so with our recent sale,” Morris said. “It was a strong selling point, just as much as selling points of the past like location or a pool or new construction.”

The home, named Zero Two, originally went on the market in July 2023 for $29.5 million.

Morris declined to provide details on the buyer. Property records indicate an LLC tied to a registered agent with a Wyoming address.

Morris and Patrick Boyle listed the home, while Sotheby’s International Realty’s Ari Wintraub represented the buyer.

The all-electric home is located at 11809 Ellice Street and spans 16,489 square feet, made with materials such as sustainably sourced lumber, recycled aluminum roofing, low-carbon concrete and solar panels.

Zero Two features six bedrooms and 12 bathrooms, with a glass bridge running from the main compound to a guest house. An organic fruit orchard, basketball court, tennis court and putting green are among the home’s outdoor amenities, according to Zillow.

Crown Pointe Estates is behind the 80-acre Marisol Malibu development, which totals 17 properties. Fifteen of those homes have been sold, with eight — including the Zero Series — built by Crown.

Two more homes are planned for the Zero Series, although timing of the groundbreakings and completions have not yet been determined, according to Morris.

Crown looksto serve a wave of consumers willing to pay more for a greener product. Morris pointed to companies, such as Patagonia or Tesla, selling pricier products with a green bent that have attracted loyal followings.

Added Morris, who is himself a fan of Patagonia and founder Yvon Chouinard: “Coming into this, we said ‘Why can’t we do essentially the Patagonia or Tesla of homes?’ And that’s what these net-zero homes are.”