House of the Day: Malibu Beachfront Beauty, $42.5 Million

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Let's face it: The only certain thing about real estate is that no one is creating more oceanfront land. And so our excitement level is sent soaring by this new $42.5 million Malibu beachfront listing that comes with 500 feet of ocean frontage and the kind of views you expect to find in heaven. (My heaven involves beachfront property.) And if you believe that bargains come in all price ranges, this property was listed for $75 million in 2008.

This rare gated compound, owned by movie producer and former CEO of United Artists, Jerry Weintraub, sits on a secluded seven-acre bluff and has a private road leading down to the beach.

There are panoramic views of the ocean from every room, and the house features a gourmet kitchen, a large family dining room, a media room, formal living room, and a master suite with his-and-hers baths and a sauna. There are two barns with horse stalls, a large riding ring, two guest houses, gym, lap pool, north-south tennis court with lights, and a guardhouse.

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Weintraub, who once managed Elvis Presley, was the producer of "The Karate Kid" and "Ocean's 11." He also authored the 2010 book, "When I Stop Talking, You'll Know I'm Dead: Useful Stories From a Persuasive Man."

Jan Horn of Coldwell Banker International Previews, Beverly Hills North office, shares the listing with Chris Cortazzo of Coldwell Banker International Previews, Malibu West office, according to the MLS.

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