If you have about $62 million laying around and you’re in the market for a truly stunning beach house, have we got a deal for you. Billionaire philanthropist and noted art collector Eli Broad just lowered the price of his 5,400-square-foot Malibu beach estate for the second time. He listed the Richard Meier designed home in February for $75 million, lowered it to $67.5 million in July, and has lowered it once again to $62 million. Don’t worry about Broad, he will still make a truly insane profit on the home. He paid roughly $5.65 million for two beachfront lots in the late 1990s. The home, completed in 2002, has a strong resemblance to another Richard Meier designed Los Angeles building – The Getty Center.
Broad made his $7.2 billion fortune by building two Fortune 500 companies from the ground up. He was just 24 years old when he became a co-founder of Kaufman and Broad Home Corporation (now KB Homes) by borrowing $25,000 from his in-laws. Broad turned KB into one of the nation’s biggest home builders. In 1971, he was looking to diversify and purchased Sun Life Insurance (now SunAmerica). He sold SunAmerica in 1999 for $18 billion. He held the position of SunAmerica’s CEO, currently a subsidiary of AIG, until 2000.
Through The Broad Foundation, Eli Broad and his wife Edythe invest in public education, science, and the arts. The Eli and Edythe Broad Foundation and The Broad Art Foundation both work to improve communities and advance entrepreneurship. Broad gives to the arts through donations to the Museum of Contemporary Art – Los Angeles, the Los Angeles County Museum of Art, and the Broad Museum in downtown Los Angeles, which he and Edythe had built to house the vast collection of contemporary art they own.
Broad’s Malibu estate sits on almost half a waterfront acre. The home features walls of glass looking out over the Pacific Ocean, with a number of decks and lawn areas. The property has 105 feet of beach in front of it. The two-story entry leads to a large living and dining room with a dramatic fireplace. The home has five bedrooms and seven bathrooms. The master suite has its own ocean-facing balcony, lounge, and spa. The property also features a guest house.