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UCLA Sells Mays' Landing Property on Point Dume For $13.3MM

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UCLA's highly desirable property on Point Dume, Mays' Landing, has just sold for $13.3 million. Located on pricey Cliffside Drive, the oceanview property was donated to UCLA in 1987, but wasn't being used very often and "has led to financial losses for the university in recent years," according to an old release from UCLA. So they decided to sell it to the highest bidder in a sealed-envelope auction in San Francisco. The 1.27-acre property holds a 2,000-square-foot house built in 1949, but the likelihood of the structure sticking around is probably slim, says the Malibu Real Estate blog, as the property had previously been listed on the MLS as a "[r]are opportunity" and the house was referred to as something "most would tear down [to] build a major bluff estate." (The most recent listing omits the teardown part.) It's also prime land on a highly-coveted section of the Malibu coast, and whoever has that much to spend on real estate probably doesn't want a quaint little cottage.

· The Ultimate Address: May's Landing, Point Dume [MRE]
· 28820 Cliffside Dr [Redfin]

UCLA

405 Hilgard Ave., Los Angeles, CA