Southern California has a long history of mega mansion spec homes selling for astronomical figures, but unfortunately for one Australian developer, such was not the case for a little property called Kaizen. The Malibu home, named after the Japanese term for continuous improvement, had initially been listed for $74.8 million, but as of the start of this week, the home closed at auction for $26.5 million.
The Wall Street Journal reports that the developer paid $5.4 million for a single acre lot in 2018, where MKH Developments started building Kaizen. Completed in early 2022, the home was reportedly insured for a $35 million rebuild, and it was valued at north of $50 million for insurance purposes. However, after several price cuts (most recently listed for $47.8 million), the seller decided to put the home up for auction.
Featuring six bedrooms and 10 baths across some 20,000 square feet of living space, the eclectic design ensures that every single aspect of this home—from the architecture and interior design to the landscape and water feature—was meticulously planned to incorporate Feng Shui. The entire home was constructed from concrete utilizing floor-to-ceiling frameless glass from Germany and the exterior is layered in travertine, composite wood, and carved stone to create a one-of-a-kind home that was built to last.
Custom designed details throughout the home include hand-carved stone and wood walls throughout, 2,000 gallon aquarium, backlit Onyx, live walls and a Dolby Atmos home theater. There are also two four-car garages with electric car charging stations.
For what it’s worth, the developer declined to tell the Wall Street Journal how much, if any, of his own money he lost on Kaizen.
Branden Williams with the Beverly Hills Estates and Aaron Kirman held the listing going into auction, while Estel Hilton, also with the Beverly Hills Estates, repped the buyer.