…from two trusted and well connected sources deep inside the Platinum Triangle real estate game that there’s a big deal—and we mean BIG—about to go down in Malibu.
According to both Cinnamon Stick and Little Boy Blue, bespectacled billionaire money manager Howard Marks and his very social and philanthropic wife Nancy are thisclose to inking a record-breaking deal to sell their monumental ocean front compound for somewhere in the neighborhood of $75,000,000.*
The bulk of the triple-gated and heavily fortified 10-ish acre estate was formerly owned by Verna Harrah, the wildly wealthy widow of casino kingpin Bill Harrah, who sold it in late 1999 for $27,000,000 to Herbalife founder Mark Hughes who died in the house just about six months later. In June 2001 the executors of Mister Hughes’s estate sold the palatial pad to Mister and Missus Marks for $31,000,000.
The following year, in October 2002, according to property records, Mister and Missus Marks shelled out another $4,600,000 for a neighboring property that now includes a separate gated residence for guests or staff and a full-sized tennis court with viewing pavilion. It was on this approximately 2.5 acre property, incidentally, that way back in July 2000 Brad Pitt and Jennifer Aniston held their wedding reception in a giant, bluff-side tent.
Anyhoo, Mister and Missus Marks spent years and God only knows how many millions on a soup-to-nuts renovation of the entire estate but, at the time of their purchase, the imposing Italianate villa measured in at 19,340 square feet with a total of 8 bedrooms and 13 bathrooms including a vast master suite with sitting room, private office, exercise room, and three room-sized walk-in closets.
The estate now includes a long, baronial tree-lined driveway, a charity circuit-sized motor court, a second rear motor court with garage access, a spacious bluff side swimming pool and several outbuildings of undetermined—or at least unknown—utility.
Some of the Marks’ nearest neighbors in the Bu include mustachioed actor Sam Elliot and television super-producer Marcy Carsey. Just down the beach a bit is the house Ellen Degeneres bought from Brad Pitt in December 2011 for $12,000,000 and flipped six or so months lather for $13,000,000.
Folks who follow the upper end real estate market are well acquainted with the over-flowing property portfolio of Mister and Missus Marks. In Los Angeles, in addition to their Malibu manse, they own a 1.9 acre estate in a leafy and low-key but very posh street in the Brentwood area that they picked up in July 1996 for $7,963,570 from real estate tycoon Robert F. Maguire III.
In May 2007 they coughed up $18,875,000 for a full-floor spread atop the Ritz-Carlton hotel on Central Park South in New York City that they had worked over by architect Oscar Shamamian and Oval Office decorator Michael Smith. In July (2012) the two bedroom and four bathroom aerie popped up on the open market with a $50,000,000 price tag.
Their decision to sell at the Ritz-Carlton surely had something to do with their record breaking and publicity generating $52,500,000 purchase of Courtney Sale Ross’s epic 30-room duplex at 740 Park Avenue in May 2012.
In October 2010 the high hoggers paid ad man turned television personality Donny Deutsch a staggering $30,184,000 for a pair of adjacent parcels in East Hampton, NY, one of which is ocean front and together total (approx.) 3.3 acres.
We’ve also been told by someone who tends to know these sorts of things that for at least the last six or seven years Mister and Missus Marks have maintained a very large, very expensive and very fancy 19th century flat in the central London’s natty, naboby and punishingly expensive Belgravia district that they also had over-hauled by Michael Smith.
P.S. We also have vague intel that there’s an even bigger deal in the works up north in the Bay Area. More on this to come as we have more to gossip about.
*Neither of our sources know—or would reveal—the alleged buyer of the baronial estate perched atop the rugged Encinal Bluffs but iffin any of the children might like to enlighten Your Mama we’ll be sure to keep your identity on the down low.
aerial image: Google