Kathleen Kennedy, Frank Marshall Buy Malibu Modern

A contemporary residence on more than two hillside acres above Malibu’s celeb-lined La Costa Beach recently traded for $9.75 million, and the new owners — so we first heard from inimitable real estate yenta Yolanda Yakketyyak, and later confirmed with property records — are high-powered movie producers Kathleen Kennedy and Frank Marshall. A tree-shaded entry courtyard gives way to a capacious living room with fireplace; muscular, exposed-wood trusses; and a wide bank of green-glassed sliding doors that glide open to provide panoramic Pacific Ocean views. The adjoining dining area spills out to a grassy garden and connects to a crisply tailored and expensively outfitted eat-in kitchen, with another fireplace and more head-on ocean views. The approximately 4,000-square-foot house’s four bedrooms and 3.5 bathrooms include a master suite with fireplace, bathroom, ample closet space and, of course, multimillion-dollar ocean and sunset views. Indoor living spaces merge effortlessly with the estate’s outdoor amenities, which include multiple dining and lounging areas, expansive gardens and fruit trees, a fire pit, outdoor shower space, built-in barbecue, infinity-edge swimming pool with inset spa, and a rooftop deck accessed by a corkscrew staircase.

The Kennedy-Marshalls, who have 13 Oscar and two Emmy nominations between them and yet — somehow — not a single statuette, are certainly no strangers to the property gossip columns. They once owned a gargantuan, glassy and aggressively contemporary Gwathmey-Siegel-designed mansion on a private Pacific Palisades promontory that they sold in early 2010 for a tetch more than $26 million to Tom Hanks and Rita Wilson. Last May, almost a year after they made an off-market $7.5 million purchase of a Mandeville Canyon compound, they dumped a vacant estate parcel in the same area, with a long history of celebrity ownership. (This latter, 2.5-acre, property was previously owned by Tom Selleck and, later, Steven Seagal, who sold it for $6.9 million to Reese Witherspoon. The “Wild” actress razed the existing house before she caught a severe case of the Celebrity Real Estate Fickle, and sold it in late 2012 for $7.5 million to the Kennedy-Marshalls, who also changed their minds, and unloaded it 20 months later for $7.535 million to an unidentified buyer. That owner did nothing with the property but successfully flipped it in March for $8.17 million to — we’ve been told — a low-profile but very rich L.A.-based financier. But we digress … )

listing photos: Coldwell Banker

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