Oaktree’s Marks Said to Sell Malibu Estate in Record Deal

Howard Marks, the chairman of Oaktree Capital Group LLC (OAK), sold his 9.5-acre (3.8-hectare) estate in Malibu, California, for more than $75 million, a record for the area, according to a person with knowledge of the transaction.

A Russian couple purchased the estate on Jan. 4 in an all- cash deal, said the person, who asked not to be identified because the transaction was private. They plan to use it as a U.S. vacation home, the person said.

The deal is the largest-ever brokered residential real estate transaction in Malibu, according to the person. It is the second-biggest in Southern California, trailing the $85 million sale in 2011 of the Los Angeles mansion built by the late television producer Aaron Spelling, the person said.

The estate features a 20,000-square-foot (1,860-square- meter) main house with 14 bathrooms and eight bedrooms, two guest houses, tennis courts and more than 300 feet (91 meters) of beachfront. Marks had sought $125 million for the property, which wasn’t listed publicly, the person said.

Alyssa Linn, a spokeswoman for Oaktree at Sard Verbinnen & Co., declined to comment on the deal, which was reported yesterday by the Wall Street Journal. Fred Bernstein at Westside Estate Agency represented the sellers. Kurt Rappaport, the agency’s co-founder, declined to comment.

Marks, co-founder of Los Angeles-based Oaktree, and his wife at the end of 2008 completed a “major” renovation of the property, the person with knowledge of the deal said. They originally bought the home sitting on 7 acres in 2002 for $31 million from the estate of Herbalife Ltd. (HLF) founder Mark Hughes, and at the time bought an adjacent 2.5-acre property for an undisclosed amount, the person said.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.