The recent sale of an undeveloped Malibu property has set a record as the highest sale for undeveloped land ever in Malibu, according to press materials.
The buyer was designer and builder, Scott Gillen, founder and owner of Unvarnished, which is known for developing properties with over $130 million in sales.
Gillen contacted the owners (Oaktree Capital and Big Rock Partners) of the property the first day it came to market through listing agent Sandro Dazzan of Coldwell Banker Global Luxury.
In March, Gillen’s most recent construction, an $80 million estate built on the iconic site of “Malibu Castle,” was noted has having the most expensive asking price ever for a single-family residence in Malibu.
A flat plateau of land, this latest record-setting property, accessed from 24108 Pacific Coast Highway, is comprised of 24 acres on the Bluffs above Malibu Colony.
Gillen, in collaboration with architect Richard Landry, plans to design and build five custom estates within what will be a guard-gated community, known as “The Case,” with prices starting at $40 million and going up to $60 million.
“This purchase was in fact a gross amount of money but ultimately, the most important architectural development Malibu will ever see,” Gillen says.
Residences will vary, from 10,500 square feet, to 13,500 square feet, while the lots will span, from 2.45 acres, to 5.78 acres, and will incorporate environmentally sustainable technology and landscaping that incorporates native species.
Images courtesy of Coldwell Banker Global Luxury