MALIBU (CBSLA) — A beachfront property in Malibu is about to set a new record for Los Angeles County real estate.

The sale for an ultramodern home on Malibu’s famed Carbon Beach – better known as Billionaire’s Beach – is set to close Tuesday at $110 million.

The previous county record was $100 million for the sale of the Playboy Mansion.

Natural gas billionaire Michael Smith and his wife, Iris, are purchasing the property from hotelier Peter Morton.

Billionaire’s Beach is also home to properties owned by film studio head Jeffrey Katzenberg, philanthropist Eli Broad and Oracle Corp. co-founder Larry Ellison, who actually owns the two properties flanking the new record-holder.

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