David Geffen
David Geffen speaks onstage at the 2011 Pre-GRAMMY Gala and Salute to Industry Icons Honoring David Geffen at Beverly Hilton on Feb. 12, 2011, in Beverly Hills, California.
Larry Busacca/Getty Images

For the cool price of $85 million, David Geffen has sold his oceanfront residence along Malibu’s Carbon Beach neighborhood.

A source close to the deal tells The Hollywood Reporter the sale was recently finalized. While it is significantly below the $100 million Geffen was hoping to get for the gated property, which includes a main two-story residence and two guest houses, it is still a record of Malibu.

The previous record was for the sale of an estate on Encinal Bluffs, which sold for $75 million in an off-market deal in 2013.

Geffen’s property also boasts a swimming pool and spa, a theater, gym and an outdoor living room with fireplace. It was originally five parcels that he combined over the span several decades into two. Little is known of the buyer other than being described as a well-known businessman.

Unlike several other recent real estate deals north of $75 million, the deal for Geffen’s home does not include any of the art work in the home which is believed to be valued in the hundreds of thousands of dollars.

The Carbon Beach home was also the setting for a public battle in which Geffen tried -- unsuccessfully -- to prohibit beachgoers from accessing the beach in front of his home.

The agent on the deal for both the buyer and the seller was Westside Estate Agency’s Kurt Rappaport, who declined to comment on the sale.

News of the sale was first reported by TMZ

This article was originally published by The Hollywood Reporter.