The picturesque town of Malibu, California, has witnessed another significant milestone in its real estate history. A 3.25-acre lot, once the childhood home of supermodel siblings Gigi and Bella Hadid, has been sold for a record-breaking $6.5 million in an all-cash deal. This sale marks a remarkable recovery for the Malibu market, which has been slowly regaining its footing since the devastating wildfires of 2025.
The Lot’s Eventful Past
The property, located at 3903 Carbon Canyon Road, has a storied history. It was originally purchased by David Foster and his ex-wife Yolanda Hadid in 2007 for $4.5 million. The couple, who married in 2011, listed the property for $35 million in 2024, but it was ultimately destroyed in the Palisades Fire. The lot has since changed hands, with Kylie Jenner reportedly renting the property at one point.
A New Era for the Property
The buyer, an American real estate investor, plans to build a custom dream home on the property. According to listing brokers Aaron Kirman and Daniel Milstein, the new property will be “bigger and better than ever.” While the buyer’s identity remains a secret, it’s clear that they have a deep understanding of the property’s value and potential. As Kirman noted, “It’s one of the largest land sales in Malibu, bought by a savvy investor who understood the intrinsic value of the land, and sees what’s coming.”
The Future of Malibu’s Real Estate Market
The sale of this property is a testament to the resilience of Malibu’s real estate market. As Kirman and Milstein pointed out, the future of Los Angeles depends on the continued growth and development of the area. With people beginning to invest and build again in Malibu and the Palisades, it’s clear that the market is slowly recovering. As Milstein noted, “Homes on the beach come with limited privacy. This is one of the few lots that is close to the beach but where it’s still possible to build a beautiful, gated estate with privacy.”
Key Statistics
- The property was sold for a record-breaking $6.5 million in an all-cash deal.
- The lot covers 3.25 acres and overlooks the Pacific Ocean.
- The buyer plans to build a custom dream home on the property.
- The property was originally purchased by David Foster and Yolanda Hadid for $4.5 million in 2007.
- The property was listed for $35 million in 2024 before being destroyed in the Palisades Fire.
In conclusion, the sale of this Malibu lot marks a significant milestone in the town’s real estate history. With its stunning views of the Pacific Ocean and its potential for a custom dream home, it’s clear that this property will continue to be a coveted gem on the Pacific Coast.
FAQs
Q: Who bought the property? A: The buyer’s identity remains a secret, but they are an American real estate investor.
Q: What is the buyer planning to build on the property? A: The buyer plans to build a custom dream home on the property.
Q: What is the history of the property? A: The property was originally purchased by David Foster and Yolanda Hadid in 2007 for $4.5 million. It was listed for $35 million in 2024 before being destroyed in the Palisades Fire.
Q: What is the current state of the Malibu real estate market? A: The market is slowly recovering, with people beginning to invest and build again in Malibu and the Palisades.
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