Malibu home sells for $177 million, setting new California record

Seller is fashion mogul Serge Azria of Joie

Malibu home sells for $177 million, setting new California record

Serge Azria , fashion mogul, has sold an oceanfront estate at Malibu, Calif. for $177 Million.

This deal is a new record for California and the second-highest-priced home in the United States. It follows Ken Griffin's $238 million purchase in 2019 of a New York City penthouse.

Jeff Bezos, founder of Amazon, held the record for California's highest-priced home purchase (AP Newsroom).

The previous highest-priced deal for California was made by Amazon founder Jeff Bezos. He purchased the Warner Estate from media mogul David Geffen last year for $165 million, according to The Wall Street Journal.

According to Mr. Azria, the property is located in Malibu's Paradise Cove area. It covers approximately 7 acres and includes two lots. According to records, it was owned previously by a trust that was connected to Jerry Weintraub. It was purchased by Mr. Azria in 2013 for $41 million, according to records.

BEVERLY HILLS (CA - NOVEMBER 3): Florence Azria (L), and Serge Azria, fashion designer, attend Friends Of The Israel Defense Forces Western Region Gala at The Beverly Hilton Hotel, Beverly Hills, California on November 3, 2016. (Photo by Michael Kovac/WireImage/Getty Images.

According to Mr. Azria, it took him four long years to renovate the property completely. He said that he was proud of the person who wanted to pay such a high price for something he created, but declined to identify the buyer.

He said that the main house measures approximately 10,000 square feet and has a cinema and a spa. There are also two guesthouses.

Azria stated that he sold the house because he was working on another project, a circa 1927 Spanish-style home in Bel-Air. He said, "I like to move on and do something else."

NEW YORK (NY) - FEBRUARY 12, 2014: Serge Azria, Joie's creative director and owner, poses with models during the Joie presentation at Mercedes-Benz Fashion Week Fall 2014. Center 548 in New York City on February 12, 2014. (Photo by Slaven Vlasic/Getty Image (Slaven Vlasic/Getty Images/Getty Images)

In 2012, Dutch LLC was sold by Mr. Azria, who is the designer behind Joie, Equipment, and Current/Elliott. He is the brother to Max Azria (founder of BCBG Max Azria Group).

Kurt Rappaport was co-founder at Westside Estate Agency and represented both sides.

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