Brian Strange Of Strange LLP Sells Renovated Malibu Estate For $31.7 Million
28823 Cliffside Drive
$31,700,000
$4,361/SF
Building Size
7,269 SF
Asset Type
Single Family
Closing
Jul 15, 2024
AI
A Los Angeles attorney sold his renovated Malibu estate located at 28823 Cliffside Drive for $31.7 million. The property, encompassing 7,269 square feet, features six bedrooms, a guest house, and provides beach access. It was originally listed at an asking price of $35 million and was built in 1957, contributing to the trend of high-value real estate transactions in Malibu this year.
Summary of transaction details:
- Property Type: Single Family
- Transaction Amount: $31,700,000
- Address: 28823 Cliffside Drive
- Market: Malibu
- Square Footage: 7,269
- Price Per Square Foot: $4,361
- Seller: Brian Strange - Strange LLP
- Broker Representatives: Chris Cortazzo & Lily Harfouche - Compass
The transaction involves significant figures in the real estate market, with Chris Cortazzo and Lily Harfouche representing the deal for Compass, facilitating the sale on behalf of Brian Strange, the seller.
Players
Malibu Single Family Market Snapshot
Boundary boundary · Single Family · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.50%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93