That's Rich! Billionaire's Beach Home in Malibu Asks $22.5 Million (House of the Day)

Buff & Hensman estate, Malibu, Calif.

By Erika Riggs

has 21 miles of coastline, and each section has its share of white-sand beach and ocean views. But Carbon Beach -- a coveted one-mile section -- earned the moniker Billionaire's Beach. "All of the homes along the water have beautiful views," said Joyce Rey, executive director of Coldwell Banker Previews International, but "I think it's also convenience; this [Carbon Beach] is a very convenient location to the city of Malibu and to Beverly Hills."

It's also due to the fact that unlike other Malibu homes, residences on Carbon Beach sit right next to the sand, no seawall blocking the famous views. Despite the beach access, the area is heavily guarded and private, a perfect place for CEOs and celebs alike to buy a home. Larry Ellison owns 10 properties on Carbon Beach; he purchased his latest home from former Yahoo CEO Terry Semel. Other notable owners include David Geffen, Jeffrey Katzenberg, Paul Allen and Lou Adler.

With the explosion of Carbon Beach's popularity with the billionaire set, it's not often that a home comes up for sale. In late February, Rey, along with real estate agents Chris Cortazzo, Bruce Mibach and Christopher Damon of Coldwell Banker Previews International, listed the Buff & Hensman estate pictured above, which sits on a whopping 70 feet of beach frontage, for $22.5 million.

Add a pool, "rare for Carbon Beach," Rey says, 4,797 square feet of living space and an enormous media room and you have a highly desirable property. The home was designed by Buff & Hensman in 1976 and contains the open floor plan and exposed beams indicative of the architectural firm's style. The kitchen, dining and living areas all open out to the pool and beach. An inner courtyard contains a zen garden. Two of the bedroom suites face the water. The home has been well-maintained, while still retaining the original architecture and style.

See the listing for more details.

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That's Rich! Billionaire's Beach Home in Malibu Asks $22.5 Million (House of the Day)

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