Malibu Surfside News

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Wednesday, December 22, 2010

MLY Leaseholder Puts His Family’s House on Market for $75 Million

• Vacant Canyon Property Is Also Listed


Another property owned by Richard Weintraub, who is a developer and leaseholder of the city-owned Malibu Lumberyard, is on the market.
Known as La Villa Contenta, the 13-bedroom,14-bath estate located on a blufftop above Latigo Point is for sale for $75 million.
The home has been the family home of the Weintraubs since it was built in 2002.
The eight-acre compound includes a guest house, pool house, three swimming pools, a pond and office space which can be used as a six bedroom second home, according to listing information.
The property has been opened by the Weintraubs for many local fundraising efforts.
The president of Weintraub Financial also had on the market vacant land in Escondido Canyon, formerly a Christmas tree farm and nursery.
Weintraub’s real estate transactions became of interest within the past year after he and his partner went before the city council and successfully sought a change in the language of the lease in order to secure an extension of a bank loan on the Lumberyard shopping center.
At the same time, it was revealed that Weintraub and his partner Richard Sperber were seeking an investment partner which could result in the sale of the shopping center. City officials were quick to point out that any new investment entity, financial arrangement or new leaseholder would require city council approval.
Weintraub continues to insist his financial house is in order and has talked about all of the traveling he has been doing and how he plans to build another house near the villa.

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