Scott Gillen’s luxury Malibu cliffside community has 1st property in contract
The developer on the luxury cliff in Malibu, built by developer Scott Gillen, has a contract in his first house.
One of the five houses planned is entrusted for $ 40 million. The gated compound also includes a fire retardant wall, a 24-hour protection tower, a fire hydrant and a sprinkler system for the community. He is entrusting the property and is expected to be completed next year.
The community is located on a 24-acre hillside along the Pacific Coast Highway. Furthermore, Gillen, the houses will be about 11,000 square meters, and between 40 million to 60 million dollars, he said. Moreover, he called them modern houses in the middle of the century. This high-end number jumped to $ 100 million.
After Woolsey Fire, who destroyed the Malibu in November, Gillen said he and the owners of the Case community would bid on their own fire brigade. Besides, the plot for the case cost $ 50 million. The vendor was Oaktree Capital and Big Rock Partners – a joint venture that lasted 11 years to obtain coastal development permits for the site.
Gillen and the Unvarnished company built private houses in a minimalist style around Malibu. Earlier this year, he declined his offer to buy the $ 400m land “Mountain” at the Beverly Hills Post Office for $ 400 million.
Source: The Real Deal
Melike Vodina / realesatecoulisse.com