David Geffen Lists Small Malibu Cottage at Huge Loss (EXCLUSIVE)

SELLER: David Geffen
LOCATION: Malibu, CA
PRICE: $8,995,000
SIZE: 1,473 square feet, 2 bedrooms, 2 bathrooms

YOUR MAMA’S NOTES: Quick on the heels of selling his longtime compound on Malibu’s über-elite Carbon Beach for a record shattering $85 million, movie and music industry heavyweight David Geffen listed a much more modestly sized yet still exuberantly expensive contemporary cottage half of a dozen doors down the beach for $8.995 million. The not quite nine million dollar asking price is certainly not for the financially faint of heart but it’s also more than a million dollars less than the $9.8 million tax records show the globetrotting multibillionaire paid Hard Rock Café co-founder Peter Morton for the property in February 2008.

The 1,473-square-foot residence was built in 1956 and sits on 45-feet of mega-prime beach frontage. Listing descriptions, which do not include any interior images, show the main part of house has just one bedroom and one bathroom. Glass sliders open the fireplaced living/dining room and the bedroom to a beachside deck that runs the full width of the house while a second bedroom and bathroom provides maximum privacy with a separate entrance off the walled, gated and landscaped entry courtyard.

Mister Geffen, who nowadays spends more time on the East Coast and aboard his ship-sized yacht Rising Sun — at 450-some-feet-long it’s considerably longer than a football field, still owns several homes in Los Angeles including the legendary Jack L. Warner estate in Beverly Hills he picked up back in 1990 for a reported $47.5 million. Though he’s thinned his West Coast portfolio he’s considerably beefed up his East Coast holdings over the last several years. In New York City he owns three units in the same Fifth Avenue apartment house, one of which was briefly listed for sale last year at $27.5 million and another, a titanic 12,000-square-foot triplex, he acquired in late 2012 for $54 million from three-time Grammy nominated pop song writer and international socialite Denise Rich. Mister Geffen also maintains a substantial real estate foothold in the historically hoity-toity Hamptons where last year he shelled out a staggering $70 million for a 2-plus acre oceanfront estate along one of the most prestigious streets in East Hampton.

listing photos: Westside Estate Agency / Pritchett Rapf

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