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.