Dodgers owner bought David Geffen’s lavish Malibu beach spread for $85M

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The recent record-setting sale of media mogul David Geffen’s large beachfront property on Malibu’s Carbon Beach had one major unsolved element to it: The identity of the buyer.

Not any more. Variety reveals that the proud property owner is Mark Walter, better known as the founder and CEO of Guggenheim Partners, which owns the Los Angeles Dodgers.

The property—several parcels that had been acquired and combined over the years by Geffen—sold in May for $85 million. That price tag shattered the previous record for such a property in Malibu. The previous record holder for a single-family property had been the approximately $75 million sale of a nearly 10-acre property in 2013, says Variety.

The beachfront spread was originally five parcels, but Geffen combined them all into two. He bought the properties in two phases, in the mid-1970s and in 1999. Meanwhile, he found time to become involved in multiple legal tussles involving his attempt to block public access to the beach from his property but going so far as to install false garage doors where his land met the bustling Pacific Coast Highway.

Hopefully the new owners will not take on the mantle of obstructing beach access.

Geffen still owns a robust portfolio of properties, including his luxe yacht, an under-construction New York penthouse, and a humble beachfront home he’s listed for $9 million.

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