Malibu Spec Mansion Sells At Auction For $26.5M

A Malibu spec mansion located at 11870 Ellice Street has been sold in a recent transaction. The property spans 1 acre and features a single-family residential (SFR) layout. The sale took place in the Malibu market, with a sale price of $26,500,000. The mansion has a total square footage of 20,000, resulting in a price per square foot (PPSF) of $1,325. It was completed in early 2022.

Summary of transation details

• Property Type: Single-Family Residential (SFR)
• Transaction Amount: $26,500,000
• Address: 11870 Ellice Street
• Market: Malibu
• Total Acres: 1

The transaction was facilitated by three brokers. Branden Williams and Estel Hilton, representing The Beverly Hills Estates, as well as Aaron Kirman of AKGRE Inc, played key roles in the deal. Their expertise and negotiation skills contributed to the successful sale of this Malibu spec mansion. This transaction highlights the current state of the sluggish spec-home market in the city, as the property was initially listed for $74.8 million but ultimately sold at auction for $26.5 million.