Inside a Malibu mansion on sale for $58.8 million

This $58,808,000 mansion overlooking the Pacific Ocean is one of the largest homes for sale in Malibu. 

At 16,600 square feet, it’s the grandest single-structure residence in town and a whopping 4,100 square feet bigger than the next-largest home on the market.

The Bali-inspired residence at 11870 Ellice Street, named the Kaizen House after a Japanese term meaning “continuous improvement,” is perched above the Pacific Coast Highway at County Line Beach. The modern glass-and-concrete architecture is built around an open-air courtyard with lush palms and a koi pond.

While the newly developed residence on Ellice Street has a Malibu address and postal code, it’s located 2 miles outside of the city of Malibu, where four residences on the PCH have sold for $100 million or more —including the record-breaking compound purchased by billionaire Marc Andreessen in 2021 for $177 million.

Ellice Street is located in Ventura Country, less than a mile west of Los Angeles County. Here, sales north of $15 million are few and far between.

And yet, the street that spans under a half-mile has seen five smaller mansions, each one older than the Kaizen House, sell for between $15 million and $24.7 million. The hot neighborhood’s top sale closed in October commanding just over $2,500 per square foot, according to public records, way above average for Malibu.

At the current asking price, the newest listing is more than 10 times pricier than the $5.8 million average sales price achieved in Malibu during the third quarter. The average price per square foot hovered just under $1,400, according to the Elliman Report compiled by Jonathan Miller, president of Miller Samuel Real Estate Appraisers & Consultants.

Public records show developer-owner Kris Halliday of MKH Developments purchased the one-acre lot at 11870 Ellice Street back in 2018 for $5.4 million.

After completing the Kaizen House, he listed it in March for $74.8 million — or more than $4,500 a square foot. There were no takers at the initial ask, and over the following eight months it saw three price reductions that took the asking price down by more than 21%.

Last month, the ask settled just under $59 million, or about $3,500 a square foot. That price tag would still be an all-time high for the section of Malibu that sits in Ventura County.

“We brought it down from $75 million to $58 million, so right now this is looking like a really good deal,” said co-listing agent Branden Williams, co-founder of Beverly Hills Estates Group.

The six-bedroom, 10-bath home is being marketed in the midst of some very challenging headwinds: rising mortgage rates,…