Malibu Beach News!

Malibu Beach News celebrated our 5 year anniversary with special guest Goldie Hawn and Sean Penn.

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Billionaire Howard Marks Sells $75 Million Malibu Mansion In Record-Breaking Deal

Howard Marks has sold his oceanfront Malibu estate for roughly $75 million.

Kicking off the new year in record-breaking style, an oceanfront Malibu, Calif. estate has just sold for roughly $75 million in an off-market deal.

A Russian billionaire couple paying all-cash were the buyers, according to people familiar with the deal, though their identities currently remain anonymous.

The seller is Howard Marks, the billionaire money manager behind Oaktree Capital Management, a Los Angeles-based publicly-traded alternative asset management firm. Never publicly listed for sale, the 9.5-acre spread was quietly shopped around with a lofty $125 million price tag. At an estimated $75 million, the sale breaks local records: it represents the highest price ever paid for a residential property in tony Malibu, eclipsing the $68 million sale of Nancy Daly Riordon’s Carbon Beach mansion in 2008.

Encompassing more than 300 feet of ocean frontage, the Pacific Coast Highway estate is one of Malibu’s largest seaside property parcels.  It includes a 20,000-square-foot Mediterranean-style villa with eight bedrooms and 14 bathrooms, two guesthouses, a standalone gym, tennis courts and a swimming pool facing out toward the ocean. Completed in 2008, the estate underwent a seven-year renovation overseen by Michael Smith, the high-profile decorator who renovated the White House Oval Office, according to the Wall Street Journal.

Marks and his wife purchased the property for $31 million in 2002, according to public records, from the estate of late Herbalife founder Mark Hughes. The Marks were represented by Fred Bernstein of Westside Estate Agency in the transaction.

The massive record-breaking deal joins the ranks of America’s most expensive home sales. It is Southern California‘s second-highest sale ever, behind billionaire heiress Petra Ecclestone’s $85 million Spelling Manor purchase in Holmby Hills in 2011. Interestingly, the deal is said to have transpired on January 4, mere days after the U.S. went over the fiscal cliff and capital gains taxes rose for the wealthiest Americans — a dynamic many high-rolling home owners had been scrambling to avoid.

Marks, worth $1.4  billion by Forbes’ estimate, has been reshuffling his real estate portfolio on both coasts over the past year. In May, the investing maven shelled out $52.5 million in cash for two uncombined, side-by-side units in New York City’s ultra exclusive co-op building 740 Park Ave.  Totaling 30 rooms including eight bedrooms, 10 baths, two libraries, and formal and informal dining rooms,  it was the most expensive co-op price ever paid in the U.S. at the time.

The couple have also been looking to unload a 4,536-square foot condo at the Ritz Carlton in Manhattan since July. Boasting eight rooms also designed by Smith and views of Central Park, the apartment’s price tag is a lofty $50 million.

                                 April 8th 2012.

Malin Akerman was in town doing a Photoshoot on the Beach in Malibu.

Mar 11, 2012

Halle Berry is doing some house hunting looking at some beach front property in Malibu.

March 10, 2012 8:44 AM

Actor Michael Madsen arrested in Malibu.

Actor Michael Madsen attends the “The Bleeding” DVD release screening and Q&A at the Village East Cinema on March 1, 2011 in New York City. (Michael Loccisano/Getty Images)

(AP) MALIBU, Calif. – Authorities say actor Michael Madsen has been arrested for investigation of cruelty to a child after a fight with his teenage son.

A Los Angeles County sheriff’s statement says Madsen was arrested Friday afternoon at his home in Malibu, after deputies were called about a family disturbance.

The statement says detectives from the Special Victims Bureau are investigating allegations that Madsen was under the influence of alcohol and fought with his son, who did not need medical attention.

Madsen was arrested without incident and booked at the Lost Hills sheriff’s station.

He is being held on $100,000 bail.

The 54-year-old Madsen is known for the Quentin Tarantino movies “Reservoir Dogs” and “Kill Bill.”

Phone and email messages seeking comment from Madsen’s representatives were not immediately returned.

Lawsuit: Former talk show host Ricki Lake is being sued by a Malibu beach house owner after a fire last year

Lawsuit: Former talk show host Ricki Lake is being sued by a Malibu beach house owner after a fire last year

Ricki Lake is thankful that she and her two sons escaped a Malibu beach house that caught on fire in September last year.

But she is now having to face the legal ramifications of her alleged mistake.

The former talk show host, 42, was enjoying a vacation in the rented home on the beach when a fire erupted after she spilled oil while refilling a portable space heater.

The blaze quickly spread through the whole property and it was just left as a burnt out shell that was barely standing.

With flames raging up to 30 feet, it took approximately 20 minutes before the fire was put out and parts of the highway were closed for two hours.

The owner of the home, Hovsep Kousouyan, filed a lawsuit in the L.A. County Superior Court on Monday.

In the legal papers the owner claims that Lake had admitted liability when she spoke with emergency personnel who responded to her 911 call.

Kousouyan says his house which is on prime real estate in Southern California was completey ruined and wants Lake to reimburse him for the cost of his home which could be millions of dollars.

Lake does have some good news in her life though as she’s finally found love again.

Burnt to a crisp: The 42-year-old mother of two was at the Malibu home for a vacation with her two sons when the fire erupted in September 2010Burnt to a crisp: The 42-year-old mother of two was at the Malibu home for a vacation with her two sons when the fire erupted in September 2010

Allegation: The blaze allegedly started when Ricki was pouring hot oil into a refillable space heaterAllegation: The blaze allegedly started when Ricki was pouring hot oil into a refillable space heater

The former chat show host has revealed that she has been dating a man called Christian Evans for almost a year.

They recently moved in together and Ricki, 42, said she has never been happier.

Speaking to People, she said: ‘I’m totally in love. We’re having so much fun. I’m happier than I’ve ever been.’

Lake, who is mother to Milo, 14, and nine-year-old Owen, added: ‘He’s a normal guy. We met through my best friend. His name is Christian. He’s a nobody but he’s somebody to me. He’s everything to me.’

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