This $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu.
At 16,600 square feet, it is the largest single-structure residence in town and is 4,100 square feet larger than the next large home on the market.
The Balinese-inspired residence at 11870 Ellice Street, named Kaizen House after a Japanese term meaning “continuous improvement,” is located on the Pacific Coast Highway at County Line Beach. The modern concrete and glass architecture is built around an outdoor courtyard with lush palm trees and a koi pond.
Aerial view of the house’s outdoor courtyard and koi pond.
Although the newly developed residence on Ellice Street has an address and postal code in Malibu, it is located 2 miles from the city of Malibu, where four properties on PCH have sold for $100 million or more — including the record-breaking compound purchased by billionaire Marc Andreessen in 2021 for $177 million.
Ellice Street is located in Ventura Country, less than a mile west of Los Angeles County. Here, $15 million in northbound sales is very little.
And yet, this less than half-mile stretch of street has seen five smaller residences, each older than the Kaizen House, selling for between $15 million and $24.7 million. According to public records, the attractive neighborhood’s top sale closed in October for just over $2,500 a square foot, well above the Malibu average.
The Kaizen house spans two floors and is 20,000 square feet with a 95-foot infinity pool in the backyard.
At current asking prices, the latest listing is 10 times more expensive than the $5.8 million average sale price achieved in Malibu in the third quarter. According to the Elliman Report by Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultants, the average price per square foot hovers below $1,400.
Public records show developer owner Kris Halliday of MKH Developments purchased the one-acre lot at 11870 Ellice Street in 2018 for $5.4 million.
After completing the Kaizen House, he listed it in March for $74.8 million — or more than $4,500 a square foot. There were no buyers at the initial offering, and in the eight months that followed, it saw three price drops that caused the asking price to drop by more than 21%.
The residence at 11870 Ellice St is located above the Pacific Coast Hwy in Malibu overlooking the sea.
Last month, claims were settled for just under $59 million, or about $3,500 a square foot. That price would still be an all-time high for the Malibu area located in Ventura County.
“We dropped the price from $75 million to $58 million, so right now this looks like a really good deal,” said co-listing agent Branden Williams, co-founder of The Beverly Hills Estates, said.
Glass walls on the lower level of the house open onto a sundeck and swimming pool.
The six-bedroom, 10-bathroom home is on the market amid challenging headwinds: rising mortgage rates, soaring inflation and recession risk. Still, Williams told CNBC he remains confident.
“Is there a challenge? Of course, will this house sell? Yes,” he said.
Furthermore, Williams says the house can command a premium due to its sheer size, premium materials inside and the fact that it is new construction, which is rare in Malibu.
The house’s dramatic entrance offers fire, water and intricately carved Belgian bluestone walls
Halliday infuses the mansion with Indonesian influences that are evident even before stepping inside.
A glass entrance is surrounded by a pair of carved stone statues and two flames that seem to dance across the water. Listing agent Williams said the large glass pane is surrounded by walls of Belgian bluestone, which are intricately carved in Asia.
The stone artwork is a design element that is repeated in other areas of the home. Williams calls the architecture “modern tropical Zen.”
The top half of the lobby’s 25-foot-high walls are clad in onyx imported from Asia.
The double-height foyer is flooded with sunlight streaming through 30-foot-wide skylights.
The lower half of the foyer’s 25-foot-high walls are covered in slotted oak, while the top half is upholstered in eye-catching dragon onyx from Asia, says Williams.
A paved path leads into the outdoor courtyard and past the koi pond.
Passing through the foyer is the home’s tropical-themed courtyard, where lush greenery is dotted with red flowering plants and glass lamps act as heaters.
Water flows down the exquisitely carved Belgian bluestone wall of the courtyard into the koi pond.
The main wall in the central garden is covered with many intricately carved green stones. Water pours down the surface of the rock and flows into the pond, filling the space with the soothing echo of a stream.
The dining table for 14 guests is centered on a vivid wall with verdant vegetation and a 2,000-gallon fish tank on the other. The saltwater tank provides a water-filled window into the brightly colored living area on the other side.
The brightly colored living area features three water views including a 2,000-gallon aquarium, infinity pool, and the Pacific Ocean.
With the push of a button, most of the house’s glass walls will move and open to the outdoors.
The luxury automatically opens up to the dining room, kitchen and two living areas on the first floor with a dramatic pool deck.
The 95-foot infinity pool in the backyard features a 12-person hot tub, partially submerged sun loungers and underwater stools providing a refreshing spot to access the pool bar.
The swimming pool features a sun lounger and sunken chat hole with a fire feature.
The main kitchen features two islands completely wrapped in distinctive green bamboo onyx.
Hidden behind the kitchen’s slotted oak cabinets is a fully equipped second kitchen for the private chef. And like most of the stones featured in the mansion, the stone-clad islands have built-in lights that help burn the agate with a bright glow after dark.
The home cinema features state-of-the-art Dolby Atmos sound system, carpets imported from New Zealand and additional lighting stones.
The upper floor of the house consists of six en-suite bedrooms, each with its own private terrace.
In the main suite, voice-controlled glass walls can be ordered to slide away to reach a private terrace overlooking the sea.
Main suite bathroom.
This suite features a stone bathtub and 2 walk-in wardrobes, and offers impressive views of the Pacific Ocean.
The main suite’s walk-in wardrobes feature floor-to-ceiling windows with dramatic ocean views.
Along with Williams, the list was represented by agents Rayni Williams and Tony Barsocchini of The Beverly Hills Estates and Kurt Rappaport of the Westside Agency.