Listen kiddies, today has been super hectic and we really don’t have time to sit and dawdle like we normally do. So instead of blabbing away for hours, this story is going to be super condensed and unusually short. Problem? Take it up with our lawyer.
After years on and off the market, a private compound on the sandiest part of prestigious Malibu Road has sold for a discounted $17,500,000. Though the property was technically acquired by an LLC, the buyers are a couple from New York named Edward Minskoff and Julie Minskoff (née Chai).
(For the record, this sale closed about a week before the devastating Woolsey fire decimated much of Malibu, but it does not appear that this property was affected — it’s a bit southeast of the burn area.)
Our Mr. Minskoff, now in his late 70s, is a self-made real estate mogul with an enormous portfolio of commercial properties — mainly in Manhattan — that include various skyscrapers such as the IBM building and Astor Place Towers. His personal net worth has been estimated to be $620 million, making him one of NYC’s 20 wealthiest real estate developers.
Mr. & Mrs. Minskoff have been married for the last 23 years and have a college-aged son named Justin (Mr. Minskoff also has two older children from prior marriages). The couple are one of North America’s preeminent collectors of 20th century contemporary art. As of 2008, they had approximately 500 name-brand pieces in their collection, though that number has almost certainly grown over the ensuing decade. They own at least 19 works by Picasso, in addition to many pieces by internationally renowned artists like Damien Hirst, Jeff Koons, Basquiat, and Roy Lichtenstein.
As it turns out, the Minskoffs are not new to Malibu. For the last eight years, they have owned a luxury Malibu Road compound — a compound that happens to be right next door to the $17.5 million spread they just purchased. Records reveal that the couple paid exactly $30 million for their first Malibu spread back in 2010. Keep in mind, y’all, that this was back when the world was still emerging from a global economic recession. We are pretty damn certain that the Minskoffs’ Malibu purchase was one of LA County’s five biggest residential homes sales of that year.
With their new $17,500,000 acquisition, the Minskoffs now preside over a $47.5 million oceanfront compound with multiple structures, two pools, a four-car garage and nearly 9,000-square-feet of total living space, all on more than a half-acre of land.
The $17.5 million property is located just outside the hallowed Malibu Colony gates and was originally built way back in 1927. If the listing is to be believed, the mini-compound is steeped in Hollywood history — Mario Puzo allegedly wrote The Godfather on the premises, and Constance Bennett supposedly leased the estate during the height of her career (in the 1930s). There are three separate structures on the .27-acre lot — the main house, a guesthouse, and a petite teahouse — and a total of 4 beds and 4.5 baths in about 3,100-square-feet of total living space.
Naturally Yolanda has no idea what the Minskoffs plan to do with their new Malibu spread, but our guess is they will use the whole shebang as guest quarters or maybe as storage space for a portion of their world-class art collection.
When he’s not chillin’ in Malibu or at work, you can usually find Mr. Minskoff rattling around in one of his New York homes. He and the missus have long owned a city pied-a-terre in Manhattan, at the “billionaire-beloved” 730 Park Avenue historic co-op building on the Upper East Side.
Like many New Yorkers with the financial means, the Minskoffs also have a country/weekend retreat in the Hamptons. Their extravagant Southampton spread was custom-built for them by venerated architect Robert A.M. Stern and is situated on a quiet cul-de-sac, surrounded by equally posh estates owned by some of America’s wealthiest peeps.
According to records, the two-parcel property features a 10,157-square-foot main mansion, a 3,672-square-foot guest house, a pool/spa combo, a full-size tennis court, half-size sports court, and formal gardens. All this on nearly four acres of exquisitely manicured grounds.
Way out in Florida, Mr. and Mrs. Minskoff own a condo at Faena House, the luxury tower known colloquially as Miami’s “Billionaires’ Bunker”. They bought the 4,200-square-foot unit in 2015 for just over $15.3 million and recently flipped it back onto the market with a $16,500,000 ask.