Beachfront enclave has seen prices spike up overall recently
While residential home prices in Malibu have been on a hot streak lately, at least one property—where the late George Roy Hill, director of “Butch Cassidy and the Sundance Kid,” once lived—is cooling off.
The price tag on an 11-acre property in the exclusive beachside community dropped to $13.95 million, a $4 million discount from earlier this year, the Los Angeles Times reported. The 2,139-square-foot home, a ranch-style property built in the 1950s, is less than a mile from the ocean.
The Agency has the listing. Denise Snanoudj and Craig Knizek are the lead agents.
Hill, who died in 2002 at age 81, won a best director Oscar for “The Sting,” and was nominated for an Oscar for directing “Butch Cassidy and the Sundance Kid.”
The accolades don’t seem to be drawing big-money buyers to the Malibu property, even though the wealthy coastal neighborhood has scored some big-ticket sales recently.
A Malibu home built into a cliffside, named Il Pelicano, recently listed for $57.5 million. Its owners, L.A. attorney Dale F. Kinsells and Radical Skincare founder Liz Edlich, bought the property for $2 million in 2000 and carved the mansion into its rockface.
Earlier this year, the beachfront estate of Hard Rock Café founder Peter Morton traded for $110 million, and Kurt Rappaport sold his home for $85 million to Canadian billionaire Daryl Katz.
Compared to other luxury home markets of L.A., Malibu showed the greatest gains in the last quarter. Median sales prices in the enclave rose nearly 33 percent to $3.4 million from the second quarter of 2017,and homes spent about 105 days on the market—a 32 percent drop from the previous year.