Natural gas billionaire Michael Smith and his wife Iris are making a splash on both coasts.
They just paid a record $110 million for a Malibu beach house.
It’s the most expensive home sale ever in Los Angeles County.
That’s in addition to the $110 million they paid for three Hamptons properties on Lily Pond Lane in 2016.
But while their Hamptons compound takes up 6.4 acres, the Malibu property is less than an acre.
The Malibu seller is Hard Rock Cafe founder Peter Morton. Michael Smith, who is chairman and CEO of Freeport LNG Development, was repped by Barry Peele, of Sotheby’s International Realty.
The gated, Richard Meier-designed beach house, and compound, is on two thirds of an acre. At 4,618 square feet, it comes with four bedrooms, four and a half bathrooms and a two story, three bedroom guest house that features its own screening room and a wrap-around teak deck. The interior designs are by Michael S. Smith, who created the private White House rooms for the Obamas. Outside, there’s a pool and a courtyard garden, along with wood-plank walkways to the shoreline.
But the property sits in between two homes owned by Larry Ellison, co-founder of Oracle Corp. By contrast, the Hamptons property is big enough to guarantee privacy.
Smith is not shy when it comes to spending money. When his daughter Kaily Smith married in 2015, he hired Usher and Stevie Wonder to perform.
Source : https://nypost.com/2018/04/24/gas-billionaire-buys-malibu-beach-house-for-record-110m/