MALIBU—Billionaire studio magnate, David Geffen, sold his Malibu Beach Inn to the Mani Brothers Real Estate Group for nearly $80 million, which adds up to a record-breaking $1.7 million a room.
The Malibu Beach Inn, located along the Pacific Coast Highway, on a strip of seashore nicknamed “Billionaire’s Beach,” has 47 “well-appointed” rooms and suites, each with a private balcony and breathtaking views.
According to public records, Geffen, who was named this year the 195th richest person in the world by Forbes, acquired the hotel in 2005 for around $29 million. He reportedly spent upwards of $10 million renovating the property and giving it a Mediterranean look.
In 1994, Geffen, along with Steven Spielberg and Jeffrey Katzenberg, co-founded DreamWorks Pictures, which has produced and distributed more than 10 films with box-office grosses of more than $100 million each. Geffen left DreamWorks in 2008, when the sale of the studio to Viacom was completed.
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.