Public Storage wants $ 127.5 million for the Malibu complex

Tamara Gustavson – daughter of B. Wayne Hughes, the late titan of self-storage who donated a record $ 400 million to USC – asks $ 127.5 million for his prized Malibu estate.

It’s a huge sum and shows the dramatic surge in Southern California’s luxury market since the turn of the century. Records show that Hughes bought the property for $ 20 million in 2003.

At $ 127.5 million, it’s the fourth most expensive property on the market in Los Angeles County, but in an affluent community like Malibu, all bets are wrong. Venture capitalist Marc Andreessen redefined the market last year when he paid $ 177 million for a Malibu complex and former Disney CEO Michael Eisner she is currently shopping around her house a few miles away for $ 225 million.

Gustavson’s house offers a rare combination of size, scale and location. It spans 3.5 acres on a bluff above Paradise Cove and descends via a private path down to 208 feet of beach front. The complex includes a main house and two guesthouses that combine for eight bedrooms and 11.5 bathrooms on nearly 11,000 square feet.

A gated driveway winds its way to the two-story main house, passing along a tennis court. Built in 2001, the Mediterranean-style spot takes advantage of the oceanfront environment with pocketed glass walls in nearly every living space.

There’s a formal foyer, dining room topped with a chandelier, a multi-level cinema, and a chef’s kitchen with a U-shaped island. The patios extend outside to the main level. Upstairs, a terrace wraps around the back of the house.

Grassy lawns and towering hedges separate the main house from the guesthouses, one of which adds a voluminous wood-and-glass space with a gym and yoga studio.

The profits from the sale would be a drop in the bucket for Gustavson, who owns an 11% stake in Public Storage and has a net worth of $ 7.6 billion, according to Forbes.

Jade Mills of Coldwell Banker Realty holds the stock.