The Tuscan-style mega villa that sits high atop Malibu has just been put back in the marketplace with a $44.5 million price tag.
The residence, referred to as Malibu Rocky Oaks, sits on 37 acres at an elevation of two,000 feet within the Santa Monica Mountains. At that altitude, under certain weather conditions, the home often sits above the clouds.
“If you’ve a God complex, that is the home for you,” listing agent Shawn Elliott of Nest Seekers International told CNBC on a recent tour of the property.
The view at 2,000 feet sometimes puts the villa high above the clouds.
Nest Seekers International
The property also features a 10-acre vineyard with greater than 10,000 grape vines sprouting across the estate’s sun-soaked hillside.
“To me, that is just like the eighth wonder of the world,” Elliott said.
A view of the stone-clad villa’s sundeck and infinity pool.
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But Elliott, who’s the newest in an extended list of brokers that has tried to sell the estate, admits it hasn’t been easy to cost it to sell. In truth, prior to Elliott coming on board, public records show the house has been on and off the marketplace for about 14 years at a wide selection of costs. Back in 2009, it was first listed for $65 million, the house’s all-time high asking price. By 2013, the asking price dropped to $36 million, the bottom list price up to now.Â
The house’s tiered stone deck and infinity pool at sunset.
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Last August, the on-again-off-again listing got here back in the marketplace, with a $49.5 million asking price. But after just five months with no takers, it was once more pulled off the market. This week, almost exactly a 12 months later, it debuts again with a recent price tag and a broker who’s seeking to finally nail the number and shut the deal.Â
“We’re doing a $5 million price reduction because I actually think that is going to be the number that is going to drive buyers,” said Elliott.
A personal driveway ascends the vine-covered hillside and delivers visitors to the villa’s stone courtyard and three-car garage.
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At 9,000 square feet, the house’s recent asking price puts the value per square foot slightly below $5,000, or almost three and a half times greater than the typical price per square foot achieved in Malibu’s second quarter, which was slightly below $1,500, but still well below the virtually $7,500 average price per square foot achieved for the town’s beachfront properties, in response to the Elliman Report.
Real estate comps are tough to come back by for the high-altitude 37-acre estate, with a 9,000 square foot residence and its own vineyard that currently produces 15,000 bottles of wine a 12 months in response to Elliott.
“That generates about $300,000 a 12 months,” Elliott told CNBC.Â
The villa’s sundeck and infinity pool.
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Its size alone is an outlier in Malibu where the typical home sold within the second quarter was just 3,200 square feet with a median sales price of just over $4.4 million, down almost 2% over last 12 months.
Even the pricier beachfront properties which have sold recently pale as compared with a mean size of just over 3,000 square feet and a median price of $10.5 million — that is up 13.9% over last 12 months in response to the Elliman Report.
Public records show the estate was purchased back in 2005 for $3.5 million by entrepreneur and real estate investor Howard Leight Sr. Construction was accomplished on the large Tuscan manor, designed by architect Bob Easton in 2009. Leight made his fortune within the hearing protection product industry and sold his eponymous company for a reported $125 million.  Â
The nice room contains a 35-foot ceiling and an interior balcony off the first bedroom that overlooks the living area from the second level.
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The French limestone-clad villa’s newer history includes being featured on reality TV and film. The Kardashians visited in 2014 for an episode of their show on E!, the truth show “The Bachelorette” was shot there in 2013 and in the identical 12 months, the high-end real estate was featured within the film, “The Hangover Part III.”Â
Today, Leight’s son, Howard Leight Jr., is the face of the villa-vineyard combo and its Instagram account. The property is currently made available for rent by the night and for events. Elliott told CNBC the going rate for an overnight stay in the course of the high season is $15,000, or $105,000 per week, however the estate can also be marketed on Airbnb where depending on dates, the rates can drop below $2,500 an evening.
Here’s a go searching the Malibu Rocky Oaks Estate.
The dining room of the villa.
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The dining room opens to outdoor stone terraces on two sides and arches in a stone wall result in the good room.
The first suite.
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The first suite includes vaulted ceilings and two balconies, plus a wraparound terrace.
A terrace off the first suite with a fire and views of the Santa Monica Mountains.
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The view from the first bedroom’s interior balcony.
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The first suite’s third interior balcony overlooks the good room where 35-foot ceilings are clad in walnut wood.
The first suite’s marble-clad bathroom and arched ceilings.
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The villa spans three levels with five bedrooms and five bathrooms.
Certainly one of the house’s ensuite guest bedrooms.
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The commercial-grade kitchen includes stainless-steel appliances, stone countertops and hardwood floors with an arched window that may open to the dining room.
Grapevines might be seen on the hillside slightly below the infinity pool. The preferred varietals of the vineyard’s 10 grapes are cabernet, merlot, syrah and chardonnay.
Outdoor seating area with a stone fireplace.
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A dusk view of the estate’s grapevine lined hilltop.
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