Media mogul David Geffen has sold his last property in Malibu, Variety reports. The name of the new owner was not disclosed, but Redfin shows that the sale closed on Monday for $8 million, nearly $1 million less than two-bedroom Carbon Beach home was listed for in May.
That sale price represents a hefty loss: Geffen purchased the beachfront mini-mansion from Peter Morton, co-founder of Hard Rock Cafes, in 2008 for $9.8 million. (Geffen also owned the home from 1996 to 1998.)
Details about the 1,500-square-foot house are scarce. Listing photos only show it has a porch facing the water and a private courtyard.
The Dreamworks executive has long been a Malibu property owner and a fierce opponent to public access to the beach, going so far as to create false driveways along Pacific Coast Highway so that parking appeared to be unavailable in front of his property.