From Variety, 2/2/16:
Buckle your property porn safety belts, butter beans, because even though a spokesperson for Mister Geffen says it ain’t so, we’ve heard from two separate sources — high-powered Platinum Triangle real estate insider Rod Iron and inexhaustible real estate yenta Yolanda Yakketyyak — that David Geffen’s ocean front residence along Malibu’s much-coveted Carbon Beach is in escrow with an unidentified buyer for somewhere in the gasp-worthy neighborhood of $85 million. (Rumor and gossip, just rumor and gossip.)
After 50 years in L.A., the billionaire entertainment mogul David Geffen is moving back to his native NYC. Geffen was asking $100 million for what’s not a huge spread, except by Malibu’s constricted standards. But $85 million, if that’s what he got, is still a sizable price for a spot jammed between the busy Pacific Coast Highway and a semi-public beach, with a public walkway on the west where aspiring screenwriters would try to toss their unsold screenplays into Geffen’s yard. (Geffen notoriously promised to open the pathway to the beach in 1983 but didn’t actually do it until after a lawsuit in 2007.)
And nothing says luxury living more than a suicide lane (didn’t Bruce Jenner kill somebody in that lane recently?) for harrowing left turns into your garage, except maybe for backing out of your garage into 45 mph traffic. Of course, six hours per day the the traffic on Pacific Coast Highway is bumper to bumper. And then there’s the magic hour, 3 AM, when maniacs in Lamborghinis race by at 150 mph.
According to the Our Malibu Beaches app (Android and iPhone), in front of Geffen’s ex-house, the public can use all the sand from the water’s edge to 10 feet from the house. So, $85 million gets you 10 feet of beach.
Actually, according to this diagram from New York mag of where you can put down your towel in front of his old house, it’s a little more complicated than that:
Geffen graciously gave a free talk at the UCLA MBA school when I was a student there in 1981. (He does nice things for UCLA, such as give hundreds of millions to the medical school, perhaps because he’d notoriously gotten his start in Hollywood by lying about having a UCLA degree.) I’d saved up a snotty question about his business strategy to discombobulate him, but he backhanded it away imperiously, leaving me looking petty and dim. (Self-made billionaires, in my limited experience, tend to be formidable individuals.)
If the oceans are rising, shouldn’t that eventually drive down Malibu beachfront prices? Is there any evidence for that happening yet to the market?