Earlier this year, we shared that philanthropist Eli Broad had lowered the initial asking price on his Malibu beach house rom $75 million to $62.5 million. However, after a few months on the market with no takers, Broad has reportedly relisted and repriced the 5,400 square-foot Richard Meier-designed home.
Per the L.A. Times, Broad is now asking $58.5 million for the property—a 22 percent cut from the original listing price.
Even with the lower asking, Broad still stands to make his investment back, and then some. Records show he spent $5.65 million for the double lot before building the stunner that stands today.
Kurt Rappaport of Westside Estate Agency holds the listing.