Flea sells Malibu estate for $20M

Courtesy of TRD Staff

Malibu is having a moment.

The picturesque — and pricey — oceanfront locale has been a hive of activity for celebrity homebuyers and sellers in the last few weeks. In the latest deal, Red Hot Chili Peppers bassist Flea sold his compound in the Encinal Bluffs neighborhood for $20 million in an all-cash, off-market transaction, the Los Angeles Times reported.

Flea — real name Michael Balzary — bought the 2.1-acre clifftop estate in 2006 for $9.9 million, according to the report. It includes a 2,700-square-foot, single-story main home with a pair of guesthouses, the publication reported.

The buyer is said to be Alec Litowitz, CEO of hedge fund Magnetar Capital of Evanston, Illinois.

The sale comes a short time after Flea bought another Malibu property for $7.5 million; he also owns a home in the wealthy enclave of La Crescenta.

Malibu, long a popular spot for luxury buyers, has seen a surge of deals among the glitterati. In the last few weeks, “Wonder Woman” star Gal Gadot paid $5 million for a beachfront penthouse; Anne Hearst and writer Jay McInerney paid $10.7 million for a home on Colony Beach; and singer Avril Lavigne dropped $7.8 million for a home near Trancas Canyon.

In one of the priciest Malibu deals this month, billionaire Chad Richison bought a 3,800-square-foot cliffside home for $26.5 million. It was a fraction of the $58 million original asking price. [Variety] — Alexi Friedman