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.READ MORE: Dodgers On Brink Of Elimination After Braves Rough Up Urías, Dominate In Game 4
The previous county record was $100 million for the sale of the Playboy Mansion.READ MORE: Disappointed Dodgers Fans React To 9-2 Loss In Game 4 Of NLCS
Natural gas billionaire Michael Smith and his wife, Iris, are purchasing the property from hotelier Peter Morton.MORE NEWS: Patrons of In-N-Out React to Upcoming Mandate
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.