A Malibu mansion previously owned by supermodel Cindy Crawford was sold for $70.4 million in 2022, four years after she and her husband, Rande Gerber, sold it for $45 million. The 3.18-acre estate, which boasts ocean views, a swimming pool, a tennis court, and direct beach access, was purchased by reality television star Kim Kardashian. The property was initially listed at $99.5 million before the price was lowered to $89.75 million prior to the sale.

History of Ownership and Sales

The estate is situated in the Encinal Bluffs neighbourhood of Malibu, California, and overlooks the Pacific Ocean. Crawford and Gerber acquired a larger two-parcel property in 2015 for approximately Rs 50.5 crore. They later divided the holdings, retaining one parcel while selling the lot containing the main residence to investor Adam Weiss and his wife, actress Barret Swatek, in 2018 for Rs 45 crore, according to reports from the Los Angeles Times.

This transaction was significant as it did not encompass the entirety of the original property owned by Crawford and Gerber. The adjacent parcel, measuring about 2.75 acres, was not included in the sale. The estate later purchased by Kardashian was described by Architectural Digest as a 3.18-acre lot.

Weiss, a retired hedge fund executive, and Swatek, known for her role in the television series ‘Yellowstone’, owned the mansion for around four years before listing it again in March 2022. Their initial asking price of $99.5 million was more than double the amount they had paid for it, which was subsequently reduced to $89.75 million in July 2022.

Features of the Renovated Mansion

The mansion, originally constructed in 1944, underwent extensive renovations and expansion under Weiss and Swatek. According to Realtor.com, the renovations increased the home’s size from 5,254 square feet to 7,450 square feet. The Mediterranean-style residence features four bedrooms and five-and-a-half bathrooms, with large sliding glass doors that open onto wraparound decks and patios, emphasising its coastal setting.

The elevated position of the home provides expansive views of the ocean and nearby El Sol Beach. The main living areas are designed in an open-plan layout, while the primary suite includes two bathrooms and a walk-in closet. Additionally, the property features a gym with a vaulted ceiling, allowing for exercise without leaving the premises.

Outdoor amenities include a swimming pool, a tennis court, and a poolside cabana equipped with an outdoor fireplace. There is also a separate fire-pit area and spa, along with gardens and pathways surrounding the estate. A private route leads to a secluded stretch of beach, enhancing the appeal of the property.

Market Dynamics and Neighbourhood Insights

The 2022 listing of the mansion garnered attention due to the disparity between the owners’ initial asking price and the eventual sale price. The $99.5 million asking price was reduced by nearly Rs 8 crore before the property went under contract. Kardashian’s purchase price of $70.4 million, while significantly lower than the original asking price, was still considerably above the Rs 45 crore paid by Weiss and Swatek in 2018.

The difference in sale prices amounts to Rs 25.4 crore, reflecting the increase in the property’s transaction price from 2018 to 2022, although this figure does not account for renovation expenses, taxes, or other ownership costs. The expansion of the home, along with its coastal location and amenities, contributed to its market appeal.

When the transaction was reported in September 2022, Architectural Digest noted that it was the most expensive real estate closing in Malibu that year and the fourth most expensive in California. Kardashian’s new neighbours reportedly include actor Leonardo DiCaprio and singer Neil Diamond, further highlighting the property’s prestigious location.

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