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

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.