David Geffen received the UCLA Medal, the highest honor bestowed by the university, during the David Geffen School of Medicine at UCLAs Hippocratic Oath Ceremony on May 30, 2014 at Westwood, Calif.

David Geffen received the UCLA Medal, the highest honor bestowed by the university, during the David Geffen School of Medicine at UCLAs Hippocratic Oath Ceremony on May 30, 2014 at Westwood, Calif.

Imeh Akpanudosen/Getty Images for UCLA

After notching a record $85 million sale for his Malibu compound in May, David Geffen took a relatively small hit -- at least by his standards -- on the sale of the final piece of his Malibu real estate portfolio.

This week Geffen unloaded a 1,500-square-foot cottage on Carbon Beach for $8 million (photos), which is almost $1 million below the home’s listing price of $8.995 million. Additionally, it was also almost $2 million below the $9.8 million that Geffen paid for the cottage back in 2007 and represents the final piece of property that the billionaire owned, leaving the seaside community Geffen-less for the first time in decades. According to the listing page, the home has one bedroom with a living room, fireplace, kitchen and dining area that opens to a large oceanfront deck. There is an additional guest suite with separate private entry.

A source with knowledge of the deal said the buyer was an executive in the fashion business. 

But don’t cry too hard for the loss Geffen incurred. In May, Geffen unloaded a nearby property for $85 million, a record in Malibu. That property was originally five parcels that he combined over the span of several decades, and has a swimming pool spa, a theater, a gym and an outdoor living room with fireplace.

Westside Estate Agency’s Kurt Rappaport was the listing agent on the sale.

This article was originally published by The Hollywood Reporter.