Coldwell Banker Global Luxury has completed a milestone sale in Malibu, Calif., a record-setting $50 million for undeveloped land in the area, the company recently announced. The land, purchased by builder and designer Scott Gillen, covers 24 acres on the Bluffs above Malibu Colony. Gillen was represented by Coldwell Banker’s Sandro Dazzan.
Gillen plans to develop a gated community, “The Case,” on the site, with five custom estates priced between $40 million and $60 million. Gillen will be collaborating with architect Richard Landry, known for designing exclusive residences home to Tom Brady and Gisele Bündchen, Dr.Dre, and Mark Wahlberg, among others. The project is expected to be completed in two-and-a-half-years.
The estates will vary in size from 10,500 square feet up to 13,500 square feet, while the lots will span 2.45 to 5.78 acres.
For more information, please visit www.coldwellbanker.com.
For the latest real estate news and trends, bookmark RISMedia.com.