Always wanted to own a luxe vacation home in a desirable locale, but lack the necessary funds to make it happen? Take heed! Your dream property awaits in prime Malibu, just minutes from Escondido Beach and the ever-popular Geoffrey’s restaurant. A Grecian-inspired compound on Pacific Coast Highway, a quick jog east of Point Dume, has popped up on the market. Though its $15 million value may cause many vacationers to balk, you can actually own a portion of the estate for a relatively reasonable $2.2 million.
It’s all possible thanks to Pacaso, a California-based real estate startup founded by former Zillow execs Austin Allison and Spencer Rascoff. After buying high-end homes in sought-after vacation markets across the country, Pacaso then sells them to groups of investors via a fractional ownership model as part of an LLC. The partial ownership includes the purchase price, home upgrades and closing costs, and a Pacaso service fee; co-owners have access to 44 stay nights per their one-eighth share within any 365-day window, with stays lasting from two to 14 nights in duration or longer if you own more than one share.
As for the Malibu offering, nicknamed “Escondido,” Pacaso doled out $15 million to add the residence to its stable of luxury homes. Though that’s a whopping $10 million premium over what real estate developer/financier Daniel Starr, founder and CEO of GameMine, paid for the 1990s property a little over a year ago, Starr and luxury real estate developer/interior designer Saffron Case of Saffron Case Homes have since given the mansion a complete interior and exterior overhaul that included brand-new custom tadelakt bathrooms and a whole-house audio system, plus a library, gym and an office.
Nestled securely behind two private gates, on a 2-acre parcel lined with palms and dotted with mature olive and fruit trees, the white stucco and wood-accented structure offers seven bedrooms and 11 baths sprawled across more than 12,500 square feet of modern yet rustic living space on two levels. Among the highlights: a formal dining room and fireside living room spotlighted by a soaring 30-foot ceiling topped by a massive chandelier — both sporting double French doors spilling outdoors.
A family room abuts a sleekly designed gourmet kitchen outfitted with Caeserstone quartz countertops, an eat-in island, high-end Sub-Zero and Viking appliances, and a breakfast nook — both with yet more French doors leading to an expansive deck ideal for al fresco dining and entertaining. Upstairs, a spacious ocean-view master suite has a sitting room with fireplace, walk-in closet and private balcony. A spa-like bath is equipped with a sauna, and “wet room” holding a freestanding tub and shower space; and elsewhere in the house are a posh movie theater, wet bar, wine cellar and game room.
The amenities continue outdoors, complete with Brown and Associates-landscaped grounds hosting a pool and spa surrounded by a sundeck, sandy volleyball court, walking paths, an outdoor bathroom and a remodeled guest house with its own kitchen. A grassy swath of lawn is flanked by a gravel lounge area with a firepit and an outdoor kitchen; and there’s also an attached three-car garage adorned with attractive zebra wood doors.
Eric Haskell of The Agency served as the listing agent; Josh Altman and Matt Altman of Douglas Elliman repped Pacaso in the sale of the Malibu mansion.
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Image Credit: Pacaso