Dozens of refurbished condominiums are hitting the market in Malibu, California, marking the first new condo inventory in two decades in the anti‑development enclave favored by celebrities and the ultra-rich.
The 68 units, located on a 10‑acre (4-hectare) gated campus called Privé Malibu, are listed for between $2 million and $4.5 million — a relatively modest price for a community where homeowners include billionaires Larry Ellison and Laurene Powell Jobs and mega star Beyoncé.
Fort Lauderdale, Florida-based BH3 Management paid $70 millionin 2024 for the then-rental apartment complex, originally built in 1993. It remodeled the units and upgraded the grounds with wellness-focused amenities, including padel courts, a biohacking studio, Zen garden, dog park and yoga lawn.
“If ever there’s an opportunity to buy and control 68 units on a 10-acre campus in Malibu, you jump at it,” Daniel Lebensohn, co-chief executive officer of BH3 Management, said in an interview. “It’s rare earth.”
Malibu remains one of the most challenging places in California to build, constrained by environmental regulations and longstanding resistance from the community to growth. Only 46 condos are currently listed for sale in Malibu, according to Redfin.
The beach community, located about 30 miles (48 kilometers) from downtown Los Angeles, is home to 10,000 residents. It was incorporated in 1991 in part to preserve its quaint character from developers.
The new listings arrive as Malibu is still recovering from last year’s Palisades fire, which devastated the neighboring Pacific Palisades area and destroyed nearly 600 homes in Malibu — about 10% of the city’s housing stock. A year later, officials have issued rebuilding permits for just 25 homes, and none has been completed.
The Privé Malibu condo complex of four mid-rise buildings on the Point Dume promontory has views of the Pacific Ocean near Zuma Beach.
Actor Charlie Sheen is among the residents and remained on-site during renovations, though he has not said whether he plans to buy a unit, according to Lebensohn.
BH3, a diversified real estate investor and developer, currently controls about $1 billion in property and debt. Since its start in 2009, the firm has been involved in $2.5 billion of deals, including developing Privé at Island Estates in Aventura, Florida, an 80-residence community that sold out for $500 million.
Experience the ultimate Malibu lifestyle at Privé Malibu, an exclusive private community featuring 68 luxury residences nestled at 6487 Cavalleri Road, Malibu, CA 90265. Fully furnished residences available from $2M. Contact our private sales team at 424.235.2221 or explore LivePriveMalibu.com to begin your journey into this extraordinary community where luxury meets the California dream.