Stop the press!
The Malibu Inn has been sold at Auction for a knock down price of only $5.3 million! This stunning property of 7184 square feet constructed on its current location on Malibu Pier in 1950 (away from its original site, west of the pier, constructed in 1920) was estimated to be worth around $2.9 million according to the county’s property appraiser website in 2002. Rumor has it that the property was in escrow for a $10.3 million deal in December although details are sketchy at best.
Instead, the Malibu Times reports that on Monday it is believed that the property was sold at a foreclosure auction for a staggering $5.3 million – with the presumption that the knock down price is due to estimated million dollars needed in refurbishments.
The inn is an eclectic mix of styles and has been host to a number of glitterati in the music business in the last century. All eyes will certainly be on the outcome of this sale and what the new owner does with the property.
If you are interested in purchasing a property or selling a property in Malibu, Pacific Palisades or the surrounding Beverly Hills/southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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[...] As posted back in January – “The Malibu Inn has been sold at Auction for a knock down price of only $5.3 million!” [...]