Yahoo Sports Sheldon Adelson Spends $17 Million on His Ninth Malibu Colony House
Click here to read the full article.
Octogenarian casino tycoon Sheldon Adelson seems determined to buy up all of Malibu Colony, the famed celebrity enclave that has, essentially since its 1920s founding, existed as Malibu’s most exclusive gated community. There are approximately 120 properties in the Colony, and Adelson now owns at least nine of them, and counting. Records reveal he’s just splashed out nearly $17 million in an off-market deal for one particularly lavish oceanfront residence.
Adelson, the Republican party’s most financially generous benefactor, has owned a Malibu Colony home since at least the mid-’90s. But he didn’t actually start buying out the neighbors until a few years ago — back in late 2013, he paid soap opera creator Lee Phillip Bell about $13.3 million for her two Colony properties; since then, he’s steadily added more and more homes to his portfolio, for a total outlay of about $90 million so far.
More from Variety
His latest acquisition was last sold in 2004 for $7.3 million to Carolyn Dirks, a major philanthropist and daughter of Las Vegas-based tycoon Joseph B. Gould, the prominent businessman who made his fortune in oil, gas and real estate.
Since the house was never publicly listed for sale, photos are non-existent and its exact specifications remain murky. But the large, nearly 4,700 sq. ft., multi-story structure sports a two-car garage, a tropically-landscaped courtyard area and a large wooden backyard deck overlooking the sea. It’s also one of only a small handful of Malibu Colony homes with its own in-ground swimming pool.
Aerial imagery reveals the blocky, contemporary structure also offers a wraparound rooftop deck with stunning views stretching from Point Dume to the Palos Verdes Peninsula and Catalina Island. And most importantly, it happens to sit right next door to one of Adelson’s eight other Malibu Colony properties.
Current Malibu Colony residents include Sting, Tom Hanks, Paul Reiser, Rob Reiner and John McEnroe. Though the community gained fame as a retreat for Hollywood’s wealthy, today there are more powerhouse business tycoons than celebs within these gates — Bruce Makowsky, several hedge fund moguls, Herbalife heir Alex Hughes and cosmetics mogul Chris Tawil, who recently paid Jason Statham $18.5 million cash for his zen-inspired oceanfront retreat, all call Malibu Colony their (part-time) home.
As for Adelson, the world’s 24th-richest private individual, his main residence remains a 44,000 sq. ft. monster mansion in Las Vegas that is reportedly the largest private residence in the entire county. The Adelson estate is so large, in fact, that it takes up three separate lots and includes 20 bathrooms, plus its own private waterpark.
Sign up for Variety’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.
