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Thursday, January 03, 2013

Malibu’s Billionaires Keep Making Real Estate Headlines as They Put Their Money in Property

• There’s Apparently No Truth to Rumor that ‘Ellison’ Version of  Game of Monopoly Is in the Works

BY BILL KOENEKER

Malibu real estate recently made the Forbes magazine list of biggest billionaire home sales of 2012 with the reported purchase by tech billionaire Larry Ellison of a $36.9 million Carbon Beach compound this past fall.
Ellison has reportedly acquired at least nine other residential properties along that same beach.
Besides a large chunk of residential properties along Carbon Beach, also known as Billionaire’s Beach, Ellison bought several commercial properties such as the site of the recently opened Nobu, another brand-new as yet unnamed restaurant location adjacent to Nobu and the Casa Malibu. He also purchased the Malibu Racquet and Tennis Club.
Forbes magazine also reported that part-time Malibu resident Stan Kroenke, who owns the Malibu Colony Plaza and a home in Malibu, recently purchased the Broken O Ranch in Montana for an undisclosed price.
The 124,000-acre operational ranch was listed for $132.5 million. Kroenke, who is married to a Wal-Mart heiress, Ann Walton Kroenke, who is the daughter of Wal-Mart co-founder Bud Walton.
Ann Walton’s niece and husband own Trancas Country Market shopping center.
Kroenke’s new acquisition, according to Forbes, accounts for 700,000 bushels of small-grain crops, 25,000 tons of alfalfa hay and about 4500 cattle per year. Forbes maintains that makes Kroenke the seventh largest private landowner in the country.
Not to be outdone, Forbes estimates Ellison may have spent up to $600 million in cash to acquire the Hawaiian island of Lanai.
The deal involves a 98 percent ownership out of 141 square miles that includes two vacation resorts, two golf courses and a variety of residential and commercial buildings and a resident population of 3,200 people, according to Forbes, which reported it is likely the most expensive single island transaction in history.

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