Powerful London Attorney Pays $38 Million for Extravagant Malibu Spec Mansion

One of the U.K.’s top attorneys and his high-society, fashion designer wife have headed to Los Angeles and bought a Burdge Architects-designed spec mansion sited in the hills — high above Malibu’s ritzy Carbon Beach. First listed last year for an eye-popping $47.5 million, the home’s price tag eventually dropped to just under $40 million, before ultimately selling to Michael and Giovanna Steele for a discounted but still hefty $38 million.

While it may seem odd that a lawyer can afford a $38 million house, Steele isn’t exactly your average lawyer. A high-earning equity partner in the London office of Kirkland & Ellis, the world’s biggest law firm by revenue, Steele handles major corporate transactions, and mergers and acquisitions, primarily for private equity clients. According to Kirkland’s former chairman, Steele is “one of the top finance lawyers in the market” with a “strong reputation for handling complex transactions.”

How complex? In 2019, Steele represented GLP on the $18.7 billion sale of its logistics business — the largest-ever private real estate transaction globally. Kirkland’s fees for that transfer are not public knowledge, but even a very small percentage of that sale price could have earned the firm hundreds of millions. Kirkland also is currently on a record-setting hot streak; last year it became the first law firm to surpass a whopping $6 billion in gross revenue. As an equity partner, Steele shares in the company profit pool; other veteran Kirkland equity partners regularly earn millions every year.

As for Giovanna Steele (née Eastwood), she is the daughter of a Brazilian socialite and the late British composer Tom Eastwood. In 2015, she founded the sustainable fashion label Ethical Collection London.

Completed in 2021 and built by developer Kirkor Suri, the Steeles’ new modern compound rests on a rugged hillside parcel spanning almost 22 acres, and is secured behind double gates. Five bedrooms and nine baths are spread across nearly 12,200 square feet of two-level living space rife with stone floors, high ceilings and designer light fixtures. Clerestory windows running the length of the living spaces allow for an abundance of natural light, while massive pocketing glass doors blur the line between indoor/outdoor spaces and  offer sweeping ocean views.

The glass-clad mansion greets with a striking glass entry and large pivoting door, which opens into a double-height entry displaying a bespoke floating glass staircase illuminated with LED lights. From there, main-level highlights include a chic great room spotlighted by a fireplace. A family room adjoins the gourmet kitchen, which is outfitted with top-tier stainless appliances and a massive island with an eat-in bar.

A sumptuous master retreat holds a fireplace, private patio, walk-in closet and luxe bath with a soaking tub. Three additional ensuite bedroom suites also can be found on this level; and a lower-level is highlighted by a sumptuous entertainment lounge with a poker room and wine cellar. Other chic amenities include an elevator, indoor spa, a fitness center, steam room/sauna, beauty salon and massage room.

Topping it all off with a touch of flair are the lush grounds, which host an al fresco entertaining area with a built-in barbecue, plus an infinity-edged pool and spa flanked by a grassy lawn and built-in seating. There’s also a spacious motortcourt and an attached three-car garage out front. The new owners will be saddled with a substantial $5,000 per month in HOA fees as well, an amount that presumably helps pay for armed security on the gated hillside street.

In addition to their palatial new Malibu home, records reveal the Steeles own a fabulous Grade II-listed historic estate in Gloucestershire, about 100 miles northwest of London.