Hard Times for Properties on Malibu Billionaire’s Beach, WSJ

The thin sliver of oceanfront in Malibu commonly known as “Billionaire’s Beach” was supposed to be immune from the housing crisis.

MALIBU REAL ESTATE - Surfside playground to the likes of Paul Allen, Larry Ellison and David Geffen, Billionaire’s Beach was not a place where homeowners ever “had” to sell.  They were too  rich. And homes there were too rare. Their idea of a distressed sale was not being able to offer Klug at the open house.Or so it used to be. This weekend, a custom-built mansion on Billionaire’s Beach will go on the auction block. The bidding will start at $22 million – down from the $65 million asking price in 2008.For your money, you’ll get a 10,500-square-foot home with 150-feet of beachfront, as well as 9.5 bathrooms, a wall-sized aquarium, a private pub, a gym, an Art Deco home theater and a huge garage.The owners, investment-banker William J. Chadwick and his wife, Cherry, said they’re not selling out of distress. Their realtor told the Los Angeles Times that the couple is moving to Chicago and are simply tired of waiting.“They tried the regular process and it didn’t happen,” agent Carol Bird told the Times. “They wanted to try something that creates a sense of urgency and attracts attention. It puts a fire under the chair.”
By Robert Frank, Sept. 16, 2011 WSJ

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Billionaire's Beach, Malibu, CA