Malibu Estate and Winery Gets $16 Million Price Cut
As real estate watchers visiting this site have probably noticed, I'm spending a little time digging through the archives looking at some of the results from this past year. While dawdling through the Malibu MLS, the words 'huge price reduction' caught my eye. It turns out that Rocky Oaks Estate, a property that first popped up on the market in late 2009 for $65 million has had $16 million carved off the list price.
For your $49 million you get a 37-acre parcel amidst the winery-rich area of Malibu on Kanan Dume Road. The estate has its own award-winning vineyard, a large Tuscan home, plus additional pads for a potential helicopter landing site, guest house, and guard gate. The acreage includes terraced vineyards and orchards of approximately 75 citrus trees and 50 fruit and nut trees. The hillside location also offers panoramic views of the ocean and distant vistas of city lights in all directions. Listing pictures show lush green hillsides and jaw-dropping views but no peeks at the interior of the newly constructed home. Will the price drop be enough to get this one a "Sold" sign? Given the wealth of Malibu property on the market I'm predicting another price cut before that happens.
Gallery: Rocky Oaks Estate
An earlier version had the price cut at $14 million, thanks to Rod for pointing out that my late-night math had gone awry.