Billionaire philanthropist Eli Broad just lowered the price of his Malibu beach house a second time, trimming the tag down to $62 million. It originally hit the market in February for $75 million and resurfaced in July at $67.5 million, records show.
The 87-year-old Broad, whose net worth is estimated at $6.9 billion, still stands to make a hefty profit. Broad paid $5.65 million for the two parcels in the late 1990s, records show, and commissioned Richard Meier to design the sleek, futuristic home now for sale.
Completed in 2002, Meier's slightly curvaceous modern design bears a strong resemblance to the Getty Center, one of the Pritzker Prize-winning architect's other projects.
The gated estate spans nearly half an acre, centering on a waterfront home of roughly 5,400 square feet. Dramatic walls of glass overlook the ocean, and multiple decks and lawns descend to 105 feet of beach.
Clean, whitewashed living spaces include a two-story entry and a spacious living and dining area with modern fixtures and a fireplace. The master suite — one of five bedrooms and seven bathrooms — includes a balcony, sauna and scenic lounge. A similarly styled guest house completes the property.
Kurt Rappaport of Westside Estate Agency holds the listing.
A native of New York, Broad co-founded Kaufman & Broad Home Corp. and founded the Los Angeles-based retirement savings firm SunAmerica, which he sold in 1999 in a multibillion-dollar stock deal.
A major influence on L.A.'s art scene, Broad helped create and establish the Museum of Contemporary Art in 1979 and is a life trustee of the L.A. County Museum of Art. He also founded the Broad museum in downtown Los Angeles to house the collection of contemporary art that he and his wife, Edythe, have amassed.