Buyer coalition of real estate figures plans a $200 million redevelopment on the Paradise Cove bluff.
By Carlos Reyes
Recording the highest residential real estate transaction in Malibu this year, former Los Angeles Dodgers owner Peter O’Malley has completed the $55 million sale of his oceanfront estate.
The deal closes out a multi-year sales effort for the 88-year-old sports executive, who originally brought the Pacific Coast Highway compound to market in May 2024 for $85 million before cutting the asking price to $74.5 million late last year. Property records indicate O’Malley purchased the residence in 2001 for roughly $11 million from the estate of veteran television producer Nick Vanoff.
Designed by noted architect Marc Appleton, the Greek island-inspired compound sits on a 2.27-acre blufftop parcel along Paradise Cove. A private gated driveway winds through a grove of roughly 100 mature olive trees, leading to a main residence styled with thick plaster walls and domed ceilings designed to resemble a coastal Mykonos village.
The main house features a living room overlooking head-on ocean vistas, a formal dining area, a media room, a gourmet kitchen, and four bedrooms equipped with wood-burning fireplaces. The primary suite includes a private sitting room, fireplace, and personal terrace. Outdoor amenities across the compound feature interconnected breezeways, a guest house, staff quarters, a regulation tennis court, a swimming pool, and a private pathway down to the beach with a dedicated sand bar.
Buying the property as a joint venture, a consortium of prominent luxury real estate professionals and design experts acquired the estate with plans for a multi-million-dollar transformation.
The buyer group includes listing agent Kurt Rappaport of Westside Estate Agency, Michael Fahimian and Jack Harris of The Beverly Hills Estates, and designer Scott Mitchell. Representatives for the team confirmed intentions to execute a comprehensive overhaul of the site, targeting a future resale valuation above $200 million.
The Peter O’Malley Malibu mansion sits along the same stretch of coastline as several high-profile properties, including the record-setting Tadao Ando-designed compound purchased by Beyoncé and Jay-Z.
O’Malley served as president of the Dodgers starting in 1970 and took over primary ownership following the death of his father, Walter O’Malley, in 1979. He retained control of the franchise until selling to Rupert Murdoch’s News Corporation in 1998, later acquiring an ownership stake in the San Diego Padres.
