Hedge funder Adam Weiss pays Cindy Crawford $45 million in Malibu

Back in March 2015, a very hush-hush (and huge) property transaction went down in Malibu. Retired supermodel Cindy Crawford and her tequila baron husband Rande Gerber threw down a shocking $50,500,000 for a sprawling oceanfront estate that happens to be right next door to their main residence. Naturally, this all happened totally off-market, so there are no pics of the Encinal Bluffs estate from back then. But we do know that the seller was a woman named Lynda de Logi, widow of biotech billionaire Walter de Logi. The de Logi family had owned the compound since 1997, when they picked it up for about $9.7 million.

The Crawford-Gerbers wasted no time in splitting their new 6-acre property into two parts. About 2.7 acres of the estate were integrated into their current spread; the other 3.18 acres of land were set back out for sale (in late 2016) with a ballsy $60 million asking price. The ask was eventually trimmed to $50 million, and finally — in June 2018 — the place sold for $45 million.

Two large oceanfront properties

$45 million for 3.18 acres of land and a ho-hum 5,254-square-foot house is still a ton of cash, especially since this property is located far from prime downtown Malibu. Instead, it’s way up in the remote western reaches of the city. Heck, it’s almost half an hour to Nobu, even with no traffic. Horrors!

And good gracious. Prices at the ultra high-end in Malibu really have blasted right outta the stratosphere.

Anyway, Yolanda at first suspected that the buyer was just some rich LA-based loon looking for a beach house upgrade. But turns out that is not the case — the new owner is actually a total LA newbie, as far as Yolanda can tell. He is a Silicon Valley-based man named Adam Weiss, and our boy is a hedge fund tycoon who co-founded New York-based Scout Capital Management nearly 20 years ago. After 15 years in business, the multibillion dollar firm permanently closed its doors back in 2014. Mr. Weiss later founded a new hedge fund — Palo Alto-based Stillwater Investment Management — which performed well but has also since been shuttered.

On a personal note, Mr. Weiss has teenage twin daughters with his longtime wife Lydia Callaghan, who is currently in the process of divorcing him.

Ms. Callaghan and Mr. Weiss… back in happier marital days

Although Mr. Weiss and Ms. Callaghan are still (technically) married, property records are quite clear that the Malibu house was purchased solely by him for his personal use. While it is not the sort of place Yolanda would imagine a billionaire bachelor would bunk up in — we picture a glassy contemporary in the hills — it is perfect for some peace and quiet meditation. We hope that is what Mr. Weiss wants.

Per the listing, the Malibu house was originally built in 1944 and renovated by Ms. Crawford and Mr. Gerber shortly after their purchase. The red-tile-roofed Mediterranean sits far back on the heavily wooded lot, directly overlooking the sea and secluded from busy Pacific Coast Highway.

There are 3 beds and 5.5 baths in the main house. Two of the bedroom suites are located on the ground floor, while the sumptuous master sits on the upper level and sports ocean views, his-and-hers bathrooms, his-and-hers closets, and a sitting area. The kitchen has top-of-the-line stainless appliances and French door access to the outside decks.

Off the side patio is a pool w/ inset spa, and towards the front of the lot (near PCH) is a proper north/south tennis court. Naturally, the entire front yard is walled, gated, and camera-watched for security. Off the backyard, meandering pathways lead down the bluff to the rocky shoreline and dazzling whitewater views.

As you might expect, Yolanda went sniffing around to see what Mr. Weiss owns up north. And holy guacamole, y’all, this dude sure has a lot of money. Yolanda discovered that only one month before he dropped $45 million in Malibu, he threw down a whopping $21,800,000 for a large mansion in the obscenely wealthy Silicon Valley town of Atherton (CA).

The property was sold to Mr. Weiss by businessman Walter Bettinger of Charles Schwab fame. Records indicate the three-level house was built on spec in 2016 by Pacific Peninsula Group and features nearly 13,000-square-feet of contemporary living space. Luxury amenities include a home theater, wine room, fitness room, lounge and billiards room, and a library. There are 5 beds and 5.5 baths in the main house, plus another bedroom suite in the guest quarters.

So in the span of just one month, y’all, Mr. Weiss has spent nearly $67 million (in cash!) on two bachelor pads. But wait, there’s more.

Lydia Callaghan’s historic Palo Alto mansion

Before he and Ms. Callaghan went splitsville, Mr. Weiss’s main residence was a English manor-style historic landmark in the middle of Palo Alto (CA). Records show that Mr. Weiss paid $10,679,000 for the house back in 2009 and hired acclaimed NYC-based interior designer S. Russell Groves to give it a complete interior makeover.

Although the dignified 6,500-square-foot grand dame remains old-school on the outside, within her walls is some clean and comfy (and art-filled) contemporary livin’. For tons of photos, visit Mr. Groves’ collection. The makeover’s end result was also photographed for W Magazine.

Their divorce is not yet final, but it appears the Callaghan-Weisses have already agreed on a property split. Records show the sublime Palo Alto house was deeded over to Ms. Callaghan last month.

Speaking of Ms. Callaghan, our gurl is the founder of Bouclier, a boutique firm that makes visors for bicycle helmets, in an effort to thwart the extensive sun exposure bikers receive. Born and raised car-free in Brooklyn, Ms. Callaghan grew up biking around her neighborhood and strove to continue her car-free, bike-favoring lifestyle when she relocated to Palo Alto.

And indeed, this Palo Alto house is in a highly walkable neighborhood — it’s just 5 minutes to downtown shopping (Whole Foods and other typical stores), and also walking distance from Stanford University. Yet Google street view images show several cars parked in Ms. Callaghan’s gated driveway — a Porsche and a Tesla among them.

Hmm! Maybe Ms. Callaghan finally succumbed to California’s automobile reliance. Of course, we suppose those cars could also belong to Mr. Weiss or a visitor.

But we digress. Though the Malibu, Atherton, and Palo Alto houses are all lovely — and cost Mr. Weiss and Ms. Callaghan more than $77 million before renovation fees are even considered — none of them are the most spectacular property in the couple’s portfolio. That honor, Yolanda believes, goes to their Napa Valley getaway.

The Napa compound sports 12,000-square-feet of living space and was extensively renovated for the Callaghan-Weisses by their favorite designer S. Russell Groves, the same fella who did up their Palo Alto manse. Photographed for Architectural Digest in 2016, the main house features a metal roof, cedar cladding on the exterior walls, oak floors, and an infinity pool with broad nightlines over a wide swathe of the valley. More photographs of rustically luxurious spread are on Mr. Groves’ website.

For some reason, Yolanda is having a real devil of a time tracking down this estate’s address. All we know is that the property is huge — 250+ acres — and lies on a ridge high up in the Mayacamas Mountains just north of downtown Napa. If any of y’all readers could point us to the property, Yolanda would be eternally grateful. We would very much like to know whether Mr. Weiss or Ms. Callaghan is receiving this estate in their split of marital assets. Yes, Yolanda is a nosy old hag.

Listing agents: Kurt Rappaport, Westside Estate Agency; Chris Cortazzo, Coldwell Banker
Adam Weiss’s agent: Jade Mills, Coldwell Banker

  1. Curtis Reser says:

    I suppose it’s all relative, until you find one of them hanging from their door knob with her scarf or his robe tie. Or when we find out he’s the next Bernie Madoff.

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