Magazine article Variety

Rumor Has It Steven Spielberg Has Sold Malibu Spread for $35M

Magazine article Variety

Rumor Has It Steven Spielberg Has Sold Malibu Spread for $35M

Article excerpt

After Steven Spielberg and Kate Capshaw's oceanfront Malibu residence popped up as a summer rental over the past couple of years at a rate of up to $150,000 per month, we now hear from real estate insider Fanny Flapjaw that the couple have made a surreptitious, off-market agreement to sell the home to an unknown buyer for somewhere around $35 million. 'The four-time Oscar winner (including the 1987 Thalberg award) purchased the property in two separate transactions, the first in 1989, then in 2000, for a total, pre-renovation outlay of not quite $6.57 million.

The double-lot spread spans nearly an acre along the rapidly eroding and, hence, paradoxically named Broad Beach, and the shingle-sided Craftsman-inspired residence measures a smidgen more than 7,200 square feet. In addition to living spaces that spill out to Oceanside terraces, the main house has four bedrooms on the ground floor, plus three more upstairs, including a master suite with private library and massage room that overlooks the ocean as it crashes up on the mile-long revetment Broad Beach homeowners had installed at their own expense in 2010 to keep the Pacific from overtaking their multimillion-dollar homes. …

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