Patience is key for ultra luxury buyers, but it still appears to be a seller’s market for philanthropist Eli Broad. The philanthropist and noted art collector has once again lowered the price on his famous Malibu beach house—to a cool $62.5 million. Considering the home was initially listed at $75 million, consider it a deal!
Although, Broad would be the one truly walking away a winner. Per the L.A. Times, originally purchased in the late ’90s, Broad picked up the half acre plots for $5.65 million. He later brought on Richard Meier to design the 5,400 square foot home, which was completed in 2002.
Kurt Rappaport of Westside Estate Agency holds the listing.