Public Storage heir wants $127.5 million for Malibu site

Tamara Gustavson — daughter of B. Wayne Hughes, the late self-storage titan who donated a record $400 million to USC — is demanding $127.5 million for her prized Malibu estate.

It’s a staggering sum that shows the dramatic upswing in Southern California’s luxury market since the turn of the century. Records show that Hughes bought the property in 2003 for $20 million.

At $127.5 million, it’s the fourth most expensive property on the market in LA County, but in a community as affluent as Malibu, anything is possible. Venture capitalist Marc Andreessen redefined the market last year when he paid $177 million for a Malibu complex, and former Disney CEO Michael Eisner is currently shopping at his $225 million home a few miles away.

Gustavson’s home offers a rare combination of size, scale and location. It stretches over 3.5 acres on a bluff above Paradise Cove and leads to 208 feet of beach frontage via a private path. The site includes a main house and two guest houses, which together offer eight bedrooms and 11.5 bathrooms in nearly 11,000 square feet.

A gated driveway meanders to the two-story main house, past a tennis court. Built in 2001, the Mediterranean-style resort takes full advantage of its oceanfront location with indented glass walls in almost every living space.

There is a formal foyer, a dining area with chandeliers, a tiered cinema and a chef’s kitchen with a U-shaped island. Patios extend outside on the main level. Upstairs, a terrace wraps around the back of the house.

Lawns and towering hedges separate the main house from the guest houses — one of which adds a voluminous wood-and-glass space with a gym and yoga studio.

The sales gains would be a drop in the ocean for Gustavson, who owns an 11% stake in Public Storage and has a net worth of $7.6 billion, according to Forbes.

Coldwell Banker Realty’s Jade Mills is holding the listing.

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