LOS ANGELES/MALIBU
In the Los Angeles area real estate market, it’s often hard to tell which residence is the main home and which is the secondary. Titans of industry may have an in-town residence and, less than an hour away, a beachfront property in Malibu. International buyers may opt for a grand estate on the Westside, if they only buy one property and want a central location. In either locale, the multi-homed class is well represented.
The Los Angeles communities of Bel-Air, Beverly Hills and Holmby Hills make up an area dubbed the “Platinum Triangle” due to its expensive mansions and history of wealthy occupants, according to agents with luxury brokerage Hilton & Hyland. Business moguls that call these communities home include former president of eBay Jeff Skoll and Snapchat founder Evan Spiegel. The recent arrivals of entertainment A-listers Jay-Z and Dr. Dre will keep the Westside pocket relevant for decades to come. Pacific Palisades is another popular secondary-home location. Luminar Technologies founder Austin Russell, who splits his time between L.A. and Florida, paid US $83 million for a property there last year. A portion of Malibu is called “Billionaires Beach” for the elite group of owners who have staked out spots on the sand. Among their ranks are Oracle’s Larry Ellison, Quibi founder Jeffrey Katzenberg, and Power Rangers creator Haim Saban. Farther up the coast, venture capitalist Marc Andreessen paid a 2021 price record of US $177 million for a seven-acre Malibu estate.
Hilton & Hyland is the exclusive member of Forbes Global Properties in Los Angeles
“Malibu is a dream home destination. A place where people spend as much money as necessary to build the beach house they’ve always wanted.” –Chad Rogers, Hilton & Hyland