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.

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

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

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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.