Iovine Makes $60 Million Malibu Move

MALIBU—Co-founder of Beats by Dre, music industry exec Jimmy Iovine has purchased a $60 million home in the Malibu region.

Iovine is known for his work with John Lennon, Bruce Springstein, and Tom Petty. He was also the co-producer of the Academy-Award-winning movie “8 Mile.”

Iovine’s new property sits on a prime slice of Malibu real estate near Paradise Cove.

Iovine, who currently owns a 15,000-square-foot mansion in Holmby Hills, bought the three-bedroom house from television producer Marcy Carsey in an off-market real estate deal. The property, bought by Carsey in 1995 for $10 million, rests on two parcels and occupies four acres of prime Malibu land.

Located on a bluff close to Paradise Cove, Iovine’s newest investment features a main house, tennis pavilion, beach hut, and a newly-renovated lagoon swimming pool.