Public Storage heir wants $127.5 million for Malibu compound

Tamara Gustavson — the daughter of the late B. Wayne Hughes, the self-hosted giant who donated a record $400 million to USC — is asking for $127.5 million for her prized estate. in Malibu.

That’s a hefty sum, and one that shows how strong the Southern California luxury market has been since the turn of the century. Records show Hughes purchased the property for $20 million in 2003.

At $127.5 million, it’s the fourth most expensive property on the market in LA County, but in a community as affluent as Malibu, all bets fail. Venture capitalist Marc Andreessen redefined the market last year when he paid $177 million for a complex in Malibu, and former Disney CEO Michael Eisner is now shopping around his home. miles away for $225 million.

Gustavson’s place offers a rare combination of scale, scale and location. It spans 3.5 acres on a clearing above Paradise Cove and descends by a private path that leads to a 208-foot beachfront. The complex includes a main house and two guest houses combined with eight bedrooms and 11.5 bathrooms on an area of ​​nearly 11,000 square feet.

A screened driveway winds toward the two-story main house, past a tennis court along the way. Built in 2001, the Mediterranean-style venue utilizes the seaside setting with glass walls in almost every living space.

There’s a formal foyer, a chandelier-lit dining area, a multi-level cinema and a chef’s kitchen with a U-shaped island. The patio extends outside on the main floor. Upstairs, a terrace surrounds the back of the house.

Grassy lawns and towering hedges separate the main house from the lodges – one of which adds a large wood-and-glass space with a gym and yoga studio.

According to Forbes, the profit from the sale would fall significantly for Gustavson, who owns an 11% stake in Public Storage and has a net worth of $7.6 billion.

Coldwell Banker Realty’s Jade Mills holds the list.

https://www.latimes.com/business/real-estate/story/2022-05-17/public-storage-billionaire-wants-127-5-million-for-her-malibu-compound Public Storage heir wants $127.5 million for Malibu compound

Edmund DeMarche

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