MALIBU—Variety has reported, that media mogul David Geffen has sold his Malibu beachfront property to billionaire Mark Walter, also known as founder and CEO of Guggenheim Partners, which owns the Los Dodgers. Walter purchased the Los Angeles Sparks organization in 2014.
The beachfront property, which includes several parcels that have been combined over the years by Geffen, was sold in May for $85 million. The property includes a main house, a couple of guesthouses and a separate pavilion that houses a screening room.
The property includes verdant lawns, a large lily pond, an ocean-side swimming pool and spa, several covered porches and an outdoor living room with a fireplace.
Geffen still owns a handful of properties, including his luxe yacht, an under-construction New York penthouse, and a beachfront home he listed for $9 million. He started Geffen Records in 1980. He co-founded DreamWorks SKG alongside Steven Spielberg and Jeffrey Katzenberg in 1994. He left DreamWorks in 2008.
He sold the Malibu Beach Inn to the Mani Brothers Real Estate Group for nearly $80 million in March 2015. In 2002, Geffen donated a $200 million unrestricted endowment to the School of Medicine at UCLA, which was subsequently named the David Geffen School of Medicine. His donation is the largest bequest ever made to a medical school in the United States.
Written By Darylese Shook and Casey Jacobs