Howard Marks, the chairman of Oaktree Capital Group LLC (OAK:US), sold his 9.5-acre (3.8-hectare) estate in Malibu, California, for more than $75 million, a record for the area, according to a person with knowledge of the transaction.
A Russian couple purchased the estate on Jan. 4 in an all- cash deal, said the person, who asked not to be identified because the transaction was private. They plan to use it as a U.S. vacation home, the person said.
The deal is the largest-ever brokered residential real estate transaction in Malibu, according to the person. It is the second-biggest in Southern California, trailing the $85 million sale in 2011 of the Los Angeles mansion built by the late television producer Aaron Spelling, the person said.
The estate features a 20,000-square-foot (1,860-square- meter) main house with 14 bathrooms and eight bedrooms, two guest houses, tennis courts and more than 300 feet (91 meters) of beachfront. Marks had sought $125 million for the property, which wasn’t listed publicly, the person said.
Alyssa Linn, a spokeswoman for Oaktree at Sard Verbinnen & Co., declined to comment on the deal, which was reported yesterday by the Wall Street Journal. Fred Bernstein at Westside Estate Agency represented the sellers. Kurt Rappaport, the agency’s co-founder, declined to comment.
Marks, co-founder of Los Angeles-based Oaktree, and his wife at the end of 2008 completed a “major” renovation of the property, the person with knowledge of the deal said. They originally bought the home sitting on 7 acres in 2002 for $31 million from the estate of Herbalife Ltd. (HLF:US) founder Mark Hughes, and at the time bought an adjacent 2.5-acre property for an undisclosed amount, the person said.
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