By Fang Block
Originally Published by Mansion Global
Steven Hilton purchased the house for $7.1 million 10 years ago.
Hotel heir and philanthropist Steven Hilton has sold his Malibu home for $8 million, public records show.
Mr. Hilton, a grandson of Hilton hotel chain founder Conrad Hilton and chairman of the eponymous foundation, first listed the three-story home for $10.4 million in July 2016. He dropped the price to $9.8 million later that year and to $8.895 million in early 2017. The last listing price was $8.45 million in September, listing records show.
The sale closed at the end of October. The final sales price represented a 23% discount from the original ask.
Mr. Hilton bought the property for $7.1 million in 2007 from late actor Robert Ridgely, property records show. However, the home went through a major renovation in 2010 by architect Jay Vanos.
The 3,390-square-foot home in the gated community of Malibu Cove Colony has four bedrooms and five bathrooms. Design details include glass doors, vaulted wood ceilings, radiant heated wood floors and ocean views from nearly every room, according to the listing with Kate Pritchett-Skene of Pritchett-Rapf & Associates and Chris Cortazzo of Coldwell Banker.
The property has a two-car garage and 50-foot beach frontage.
Both listing agents, as well as the buyer’s agent, Andrew Stern of Coldwell Banker, declined to comment.
The transaction has yet to appear in online public records, so the buyer’s identity isn’t readily known.
Mr. Hilton wasn’t immediately available for comment.