As posted back in January – “The Malibu Inn has been sold at Auction for a knock down price of only $5.3 million!”
At the time the new owner was secretive about their identity and details were extremely sparse at that time – including rumors that back in December 2008 the property was in escrow for a deal at $10.3 million! Although the property in 2002, the inn, which was built in 1950 at its current location, had an assessed value of only $2,866,863, as listed on the Los Angeles County Office of the Assessor Web site. It sold to the mystery buyer for a staggering $5.3 million.
However Malibu Times has broken the silence from the owner and released their details. Kambiz Hakim was the purchaser who acquired the property at the foreclosure auction all those months ago. He has been quietly refurbishing the inn restaurant and nightclub hopefully ready for reopening?
A local broker, said Hakim is asking $8 per square foot in rent for the 7,184-square-foot property, and that he is aiming to fill the vacancy with a restaurant and possibly a small retail store, similar to its current setup. However, no application from a potential tenant has been submitted to the city.
It is understood that no permits or licenses for operating a restaurant and bar were included in the sale so the future of the project looks still a mystery.
Being the leading Real Estate company in Malibu, rest assured that we will keep you informed in its progress through our blog. Subscribe to our blog using our RSS feed. (Click here!)
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.
