Malibu Maven: Leo DiCaprio Buys Paradise Cove Property for $23M
Malibu Maven: Leo DiCaprio Buys Paradise Cove Property for M
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The holidays can be a quiet time for real estate wheelers and dealers. Thus, we were grateful when property gossip Yolanda reported that actor/director/climate activist Leonardo DiCaprio is the A-lister behind an LLC that purchased an undeveloped piece of property on Malibu’s Paradise Cove for a whopping $23 million.
Variety also connected some dots and reported that the Paradise Cove property was acquired through a corporate entity “linked to Mister DiCaprio’s Appian Way production company.”
The property clings to the edge of a cliff, and neighbors include producer Mark Burnett and actress Courteney Cox.
DiCaprio’s new lot has an interesting pedigree. The 1.76-acre slice of paradise with a tiny 610-square-foot cottage was purchased in 2004 by director Ridley Scott, who paid $7.2 million, then sold it two years later to billionaire Vinnie Viola for $11 million.
Viola is owner of the Florida Panthers hockey team and President-elect Donald Trump’s nominee for Army secretary. Viola briefly tried to sell the property for $15 million in 2012. When he found no takers, he sat on the spread while property values in Paradise Cove went bananas, and DiCaprio reportedly paid him $23 million in an off-market sale.
As he shuffles his property portfolio, DiCaprio is still trying to sell a remodeled beach house on Malibu’s Carbon Beach for $11 million. The actor sold a home in Studio City for $2.24 million a couple of months ago.
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