A beach house owned by late biotech entrepreneur Walter de Logi, who died in 2014, is now owned by reality star-turned-billionaire and up-and-coming attorney Kim Kardashian. The purchase was made through Encinal Bluffs in one of Malibu’s most desirable neighborhoods for $70.4 million, according to oceanfront property records.
Built in 1944, the extensively remodeled house with Mediterranean style villa style was once the centerpiece of a six-hectare estate. de Logi’s widow Linda sold the sprawling estate to her neighbor Cindy Crawford and longtime husband Rand Gerber for more than $50 million.
The deal is by far the most expensive sale of a Malibu home to date and the fourth largest of 2022 in California, trailing only the $75 million Drake paid for his new home, the $120 million Holmby Hills deal and the Bay Area.
The 6 hectare property was later divided into two parcels: one of 2.8 hectares, mainly vacant land, and the other of 3.2 hectares with the main house. Crawford kept a small plot for herself, but in 2018 sold the 3.2-acre plot to Adam Weiss, a retired hedge fund manager from Silicon Valley, California, for $45 million.
Weiss then renovated the slightly dated venue with the help of Harrison Design. To take the property to “the next level,” the team enhanced the home’s Southern California character by “adjusting the driveway, introducing tons of hand-picked boulders, and even using a crane to move 40-foot trees.” It’s even more dramatic, according to Jesse Harrison, the company’s senior principal.
It was Wes who sold the property to Kardashian after a few years of living there. After it was listed in March with an asking price of $99.5 million, the asking price was lowered to around $90 million before Kardashian called with a significantly lower offer.
Weiss, 55, is moving to the Hawaiian island of Maui, where he and wife Barrett Swatek last year paid $45 million for an oceanfront property near Jeff Bezos’ vacation home.
Kardashian, 41, continues to live primarily at her large estate in Hidden Hills. She also has two “spare” homes in Hidden Hills, one of which was recently sold, and still owns luxury condos in Calabasas and vacant land at La Quinta’s famed Madison Club.
For those wondering, Kardashian’s new property is about 14 miles from the coast where Kanye West’s $57 million brutality spread, so it’s not exactly a sugar rush.
In addition to Crawford, some of Kardashian’s latest new Malibu neighbors include retired TV super producers Marcia Cassie, Leo DiCaprio, Neil Diamond, and Michael Eisner.