Former Gap CEO Drops $42 Million on Seaside Malibu Estate

Though Glenn Murphy’s name will probably be forever linked to clothing retailer Gap — where he served as chairman and CEO for seven years, from 2007 to 2014 — the Toronto-based businessman has since moved on to other endeavors. Today, he serves as CEO of his own consumer-focused investment firm, FIS Holdings; Murphy and his longtime wife Stacey also are well-known philanthropists, donating millions to the Notre Dame men’s basketball program and mental-health causes.

Now Murphy can add Malibu homeowner to the list, having paid retired businessman Joseph Alibrandi and wife Tunny just over $42 million earlier this year for an oceanfront mansion resting atop a bluff on the western end of Malibu, in a little-known gated community. First listed in summer 2021 with a $56.5 million ask, the price was reduced to $50 million before going to Murphy this past February at a substantial discount. The couple also continues to maintain their primary residence in Toronto, a $10 million contemporary mansion.

As for Murphy’s newly acquired vacation digs, that place has five bedrooms and seven baths spread across 10,500 square feet of living space on three levels. Sited on a gated 1.2-acre lot comprising 10 separate parcels — all overlooking about 281 feet of ocean frontage — the impressive stucco and terracotta-roof structure was custom built by the Alibrandis in the 1990s, complete with glitzy amenities — an elevator, game and screening rooms, a gym and wine cellar with tasting room, just to name a few — plus walls of glass providing seamless indoor-outdoor environs.

A paved motorcourt and an attached three-car garage greet, with the home’s front door opening into a grand entrance hall. From there, a spacious great room lined with arched doorways displays a barrel-vaulted ceiling accented by clerestory windows and boasts a fireside living room adjoined by an elevated dining area flanked by a walk-in bar. Elsewhere are a family room and breakfast nook adorned with a cozy two-way fireplace, which connect to a gourmet kitchen outfitted with high-end stainless appliances and a lengthy eat-in island that seats six.

A trio of ocean-view suites can be found upstairs, while the sizable master on the main hosts a fireside sitting area, designer showroom closet, and luxe bath equipped with dual vanities, a soaking tub and glass-encased shower; and out back, the picturesque grounds hold a wraparound terrace ideal for al fresco entertaining and relaxing with a swanky kitchen setup, as well as a fire-pit, hot tub and an outdoor shower for two. There’s also a grassy lawn with plenty of room for a pool and private staircase to the beach below.