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PriceChopper: $11 Million Drop In Point Dume

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This five bedroom, six bathroom, 3,649 square foot house was originally listed in December for $27,500,000 or about $7,536 per square foot. The Point Dume bluff location is pretty covetable, and the property includes a tennis court, guest house, and private beaches, but the Malibu Real Estate Blog says the house "was considered by many to be a 'scraper' and in pretty rough shape." The listing brags that this was "chosen as the first home site (circa 1925) in all of Pt. Dume," and goes on to wax poetic while planting subtle teardown notions: "it is a property of incomparable beauty and scope, with development possibilities awaiting one's own vision and adventurous spirit." Malibu Real Estate speculates that the asking price was so high in hopes that Barbra Streisand, who owns adjacent property, would snatch it up. She didn't bite (perhaps she didn't like that photographs of the estate exist), and it was chopped to $23,000,000 in February. Now Malibu Real Estate is reporting the house closed last week for $16,500,000, or about $4,522 per square foot. That's an overall $11,000,000 chop.
· Biggest Malibu Price Chop In History? [Malibu Real Estate Blog]
· 6843 Zumirez Dr Malibu, CA 90265 [Redfin]
· 6843 Zumirez Dr [Zillow]