ADVERTISEMENT

The cofounder of the Hard Rock Cafe just sold his mansion on Billionaire's Beach in Malibu for a record-breaking $110 million

Peter Morton, cofounder of the Hard Rock Cafe chain, just sold his Malibu, California, home on Billionaire's Beach for $110 million. It's officially the most expensive home sale in Los Angeles County history. Billionaire's Beach is home to notable residents, including Oracle cofounder Larry Ellison.

  • A home on
  • The cofounder of the Hard Rock Cafe chain sold the beachfront property to a natural gas billionaire.
  • Billionaire's Beach is home to several notable residents, including Oracle cofounder Larry Ellison.
ADVERTISEMENT

Peter Morton, cofounder of the Hard Rock Cafe chain, just set a new, mind-boggling record for Los Angeles real estate.

The restaurateur sold his beachfront Malibu, California, home to natural gas billionaire Michael S. Smith and his wife, for $110 million, or about $15,860 per square foot. It's officially the most expensive home sale in Los Angeles County history according to the Los Angeles Times, which says the deal is expected to close Tuesday.

The 6,934-square foot mansion sits on the shores of Carbon Beach, a 1.5-mile stretch of sand between the iconic Pacific Coast Highway and the glistening Pacific Ocean nicknamed "Billionaire's Beach" as an homage to the ultra-wealthy residents who call it home.

ADVERTISEMENT

Up until mid-2015, the beach was largely closed off to the public. But after a decades-long, complicated legal battle between the state and homeowners, its 70-plus residences share their backyard with tourists and beachgoers from sun up to sun down.

Malibu's previous record sale took place in 2017 when David Geffen, the billionaire founder of Asylum Records and Geffen Records and cofounder of DreamWorks, sold his Carbon Beach compound to Los Angeles Dodgers owner and Guggenheim Partners CEO Mark Walter for $85 million.

The $110 million compound comes with a notable neighbor. Oracle founder Larry Ellison owns the homes on either side, just two of the 10 properties he reportedly owns on Carbon Beach.

The $110 million sale is only for the structure — none of the high-end furniture or Morton's expensive artwork collection is included. Set on an estimated two-thirds of an acre, the property contains two separate buildings: A main residence with four en suite bedrooms and a two-story guest house with another three en suite bedrooms. There's also a lap pool and courtyard on the property. Operable teak wood shutters surround the exterior, in addition to bronze and concrete finishes.

Not much else is known about the home's interiors or amenities, as the deal was completed off-market between Williams & Williams EstatesHilton & HylandBarry PeeleSotheby’s International Realty

ADVERTISEMENT

Morton has reportedly owned the land on Carbon Beach since the 1990s. The home was designed by architect Richard Meier and completed in 2006, the same year Morton sold the Hard Rock Hotel & Casino in Las Vegas for $770 million. A decade earlier he sold his shares in the Hard Rock Cafe for a profit of $300 million, according to the LA Times.

This isn't the first time Moron's real estate dealings have made headlines. In late 2012, he bought Elvis Presley's old Beverly Hills mansion for $9.8 million and renovated it before selling it off-market just one year later for $14.5 million.

FOLLOW BUSINESS INSIDER AFRICA

Unblock notifications in browser settings.
ADVERTISEMENT

Recommended articles

10 African countries that waste the most food in 2024

10 African countries that waste the most food in 2024

US troop withdrawal from Niger hangs in the balance

US troop withdrawal from Niger hangs in the balance

Detained Binance executives sue Nigerian authorities for human right violation

Detained Binance executives sue Nigerian authorities for human right violation

Nigeria's central bank increases minimum capital base for banks

Nigeria's central bank increases minimum capital base for banks

Sony’s creators convention redefines the creative landscape for content creators

Sony’s creators convention redefines the creative landscape for content creators

Exploring the popularity of progressive jackpot slots in Indonesia

Exploring the popularity of progressive jackpot slots in Indonesia

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

Egypt, Nigeria, and South Africa ranked as Africa's most polluted countries in new report

10 African countries with the lowest life expectancy according to the World Bank

10 African countries with the lowest life expectancy according to the World Bank

Kenyan women are more obese than their men - here’s why

Kenyan women are more obese than their men - here’s why

ADVERTISEMENT