Is Michael Milken Living in a $200,000 Beach Rental?

Michael Milken -- financier, philanthropist and once-jailed former junk bond king (see video below) -- is living in a Malibu, Calif., beachfront home recently listed for lease at $200,000 a month, sources told AOL Real Estate. The home belonged to Nancy Daly Riordan, estranged wife of the former Los Angeles mayor, Richard Riordan, until her death last year and was recently sold for about $37 million by her estate. It came on the market at $57 million and previously was dropped to $47 million.

The Carbon Beach stretch where Milken is allegedly hanging his hat is no stranger to the ultra-wealthy. Let's just say it's not nicknamed Billionaires Beach for nothin'. Count media mogul David Geffen and Oracle CEO Larry Ellison among the elite who live here. When President Bill Clinton was in Los Angeles, you'd find him stopping off at DreamWorks Animation CEO Jeffrey Katzenberg's Carbon Beach place.