The Tuscan-style mega villa that sits at the top of Malibu has recently been put back on the market with an asking price of $44.5 million.
The residence, known as Malibu Rocky Oaks, sits on 37 acres at an elevation of 2,000 feet in the Santa Monica Mountains. At that altitude, under certain weather conditions, the house is often above the clouds.
“If you have a godly complexion, this home is for you,” Listing Agent Sean Elliott of Nest Seekers International told CNBC Recent visit to the property.
The view from an altitude of 2,000 feet sometimes makes the villa stand above the clouds.
Nest Seekers International
The property also includes a 10-acre vineyard, with more than 10,000 grape vines growing on the property’s sun-drenched hillside.
Elliott said, “To me it’s like the eighth wonder of the world.”
A view of the stone-paved villa’s sundeck and infinity pool.
But Elliott, the latest in a long list of brokers trying to sell the property, admits that setting a price to sell it won’t be easy. In fact, before Elliott came on board, public records show the home has been on and off the market at a wide range of prices for nearly 14 years. In 2009, it was first listed for $65 million, the home’s all-time high asking price. By 2013, the asking price had dropped to $36 million, the lowest list price ever.
The home’s tiered stone deck and infinity pool at sunset.
Last August, the repeated listing came back on the market, with an asking price of $49.5 million. But after finding no buyer for just five months, it was once again taken off the market. This week, almost exactly one year later, it’s resurfaced with a new price tag and a broker trying to finally get the numbers and close the deal.
“We’re cutting the price down to $5 million because I really think that’s going to be the number that will attract buyers,” Elliott said.
A private path climbs a vine-covered hill and leads visitors to the villa’s stone courtyard and three-car garage.
At 9,000 square feet, the home’s new asking price puts the price per square foot below $5,000, or nearly three and a half times the average price per square foot achieved in Malibu’s second quarter, which was less than $1,500, but Still good. According to Elliman Reports, the average price per square foot realized for oceanfront properties in the city is less than $7,500.
With a 9,000-square-foot residence and its own vineyard that currently produces 15,000 bottles of wine per year, real estate companies are hard to come by for the high-altitude 37-acre property, according to Elliott.
“That adds up to about $300,000 a year,” Elliott told CNBC.
The villa’s sundeck and infinity pool.
Its size alone is a different size in Malibu, where the average home sold in the second quarter was just 3,200 square feet and the average sale price was more than $4.4 million, down about 2% from the previous year.
Even the priciest properties on the beach that have sold recently pale in comparison to the average size of more than 3,000 square feet and the average price of $10.5 million – up 13.9% from last year, according to the Elliman Report .
Public records show that the property was purchased in 2005 by entrepreneur and real estate investor Howard Leight Sr. for $3.5 million. In 2009 construction was completed on the sprawling Tuscan manor designed by architect Bob Easton. Leight made his fortune in the hearing protection products industry and reportedly sold his namesake company for $125 million.
This great room has 35-foot-high ceilings and an interior balcony off the primary bedroom that overlooks the living area from the second level.
The more recent history of the villa made of French limestone includes being featured on reality TV and film. Kardashian told E! The reality show “The Bachelorette” was shot there in 2013, and that same year, the high-end real estate was featured in the movie “The Hangover Part III.” ,
Today, Leight’s son, Howard Leight Jr., is the face of the villa-vineyard combo and its instagram account, The property is currently made available to rent for night time events. Elliott told CNBC that the rate for an overnight stay during high season is $15,000, or $105,000 a week, But the property is also marketed on Airbnb Where depending on the dates, rates can drop below $2,500 per night.
Here’s a look around the Malibu Rocky Oaks estate.
Villa’s dining room.
The dining room opens onto outdoor stone terraces on two sides and archways in the stone wall lead to the great room.
The primary suite includes vaulted ceilings and two balconies, as well as a wraparound terrace.
A terrace with a fireplace and a view of the Santa Monica Mountains outside the primary suite.
View from the interior balcony of the primary bedroom.
The primary suite’s third interior balcony overlooks the great room, where 35-foot-high ceilings are made of walnut wood.
The primary suite has marble en suite bathrooms and vaulted ceilings.
The villa is spread over three levels with five bedrooms and five bathrooms.
One of the home’s en suite guest bedrooms.
The commercial-grade kitchen includes hardwood floors with stainless-steel appliances, stone countertops, and an arched window that can open into the dining room.
Grape vines can be seen on the hillside just below the infinity pool. The most popular varieties of the vineyard’s 10 grapes are Cabernet, Merlot, Syrah and Chardonnay.
Outdoor seating area with stone fireplace.
Evening view of the estate’s hilltop surrounded by vines.