Anne Hearst, a granddaughter of publishing tycoon William Randolph Hearst, and her husband, Jay ... [+] McInerney, have paid about $10.726 million for a home in famed Malibu Colony.Hilton & Hyland
Malibu’s one-mile beachfront stretch known as Malibu Colony has long been a bastion for Hollywood stars and business tycoons. Now, the coastal enclave has attracted American royalty to the fold.
Anne Hearst, granddaughter of publishing magnate William Randolph Hearst, and her husband, novelist Jay McInerney, have purchased a beachfront home in the famed community for a little over $10.726 million, according to the Los Angeles Times.
The two-story beach cottage hit the market in June for the first time in more than 40 years at $11.95 million and sold following a six-week escrow, records show. Rick Hilton, Barron Hilton and Chad Rogers of Beverly Hills-based Hilton & Hyland represented the buyers in the deal. Rogers was also the listing agent for the property.
The property hit the market in June for the first time in more than 40 years.Hilton & Hyland
Originally built in 1930, the home was refreshed before coming to market and sports a clean aesthetic with white walls, exposed beams and hardwood floors. Large expanses of glass on two stories of living take in sweeping ocean views.
The main living area is largely devoted to open-concept space and incorporates a living room with a brick fireplace and a dining room. A galley-style kitchen and butler’s pantry sits off the dining room and incorporates a war-around bar top. There are four bedrooms and four bathrooms including an ocean-view primary suite.
Beamed ceilings top the dining room.Hilton & Hyland
And it wouldn’t be Malibu with a healthy dose of outdoor living space. The home extends its footprint outward from the main floor with sliding glass doors that open onto a Saltillo-tiled patio.
A raised sun deck sits slightly above the patio and space, overlooking the beachfront. A private staircase descends to the sandy beach below.
A Saltillo-tiled patio and a wood sun deck create additional living space outdoors.Hilton & Hyland
Malibu Colony has become one of Malibu’s most coveted locations during the COVID-19 pandemic. The surge in interest is largely due to the community's privacy and access to some of the best beachfront in all of Malibu, according to Rogers.
In an interview with Forbes last week, the luxury real estate agent said that the interest in Malibu Colony during the pandemic created a shortage of inventory because homes are selling quickly.
Demand for properties in Malibu Colony during the COVID-19 pandemic has been so high that it's ... [+] created a shortage of inventory in the community, according to Rogers.Hilton & Hyland
“There’s literally nothing available in the Malibu Colony until the next home comes available, and now I’m getting inundated from calls from everyone trying to buy there,” Rogers said.
Even Malibu’s lease properties are enjoying summer rates in off-peak months. Rogers said that he has rental listings for as much as $175,000 a month and $250,000 a month that have been leased continuously out this year.
“That’s what the quarantine is doing to our real estate market,” he said.