Biggest Land Deal in Malibu History: Crummer Property Sells for $50 Million
New owner Scott Gillen plans five houses on 24 acres; City gets $1 million and 1.74 acres.
Malibu real estate records continue to be smashed in 2017. Just two months ago, David Geffen sold his Carbon Beach compound for $85 million, breaking city records for a residential property. Now, in a record-breaking local land deal, the 24-acre former Crummer property located at 24108 Pacific Coast Highway (adjacent to Malibu Bluffs Park) sold for $50 million on June 29. The bluff top property with ocean and mountain views will be the site of a guard-gated community with five new homes.
The land was owned by joint venture Oaktree Capital and Big Rock Partners, represented by Hilton & Hyland Realtors. The property was put on the market “late summer 2016,” according to former development partner Robert Gold.
“We thought it was a good time in the market to sell,” Gold said in a phone interview. It was purchased by Scott Gillen, represented by Malibu Realtor Sandro Dazzan with Coldwell Banker.
Gillan said in a phone interview that he’d been eyeing this property for five or six years and had known the owners “for quite some time.” The day after they put it on the market, he decided to go for it. “It’s a phenomenal bluff,” he said
Gillen’s company “Unvarnished” has built about 23 houses over the past 13 years.
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