M10|Friday,August16,2019 THEWALL STREETJOURNAL.
gate dcommunity Mr.Gillen is de-
veloping known asTheCase.Mr.
Gillen’scompany, Unvarnished, paid
$50 millionforthe 24-acresitein
2017, recordsshow.
One of the homes is nowines-
crow afterbeing listed earlier this
year for$40 million, he said, while
the other three haven'tyet been
listedforsale.
The New Castle projectfirst hit
the market in 2015, and its listingThe Malibu, Calif.,real-estate
market has notched several ultra-
high-end deals over the past 18
months, and one local developer is
betting big that the momentum
will continue.
Scott Gillen, the developer be-
hind the$75 million Malibu spec
houseThe New Castle, said he is
listing a home underconstruction
in the areafor $100 million.
Spanning about 12,500 squareAMalibu Home Listsfor $100Million
PRIVATE PROPERTIES
price hasranged from $60 million
to $85 million during that time.
Mr.Gillen said he believes his
Malibu properties arebetterposi-
tionedto sell than massivehomes
in other partsoft he LosAngeles
area, likeBel-Air and Beverly Hills,
whereasurplus of spec homes has
been adragonhome prices.
“If you’re looking at Beverly
Hills, it is a market with a lot
more competition,”Mr. Gillen said.
Malibu has seen severalrecord-
breaking dealsrecently. Last year,
Hard Rock CafefounderPeter
Morton sold his home on Carbon
Beachfor $110 millionto natural-
gas billionaire MichaelS. Smith
and his wife, Iris Smith.
Tracy Tutor of Douglas Elliman
is the listing agent.
—KatherineClarkeRENDERINGSBYUNVARNISHED(2)Seemorephotosofnotable
homesatWSJ.com/RealEstate.
Email: [email protected]ing pools.
Outside, theroughly 6-
acre grounds will include
a 150-footswimming pool
and a one-bedroomguest-
house. Mr. Gillen said he
anticipates the home will
be completed by the end
of 2020.
Less than amile south of the
NewCastle,this property is one of
five homes being built inasmallfeet, the house could be
configured withfour or
five bedrooms, Mr. Gillen
said.
Just one story, the low-
slung home (seen here in
renderings) will nonethe-
less have views of
Surfrider Beach, the Malibu pier
and Catalina Island.The house is
modern in style with a landscaped
innercourtyardfeaturingreflect-GILLENPAID$50
MILLION
for the24-acre
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