Malibu wine estate hits auction for US$21 million
A billionaire-owned wine business in Malibu, California, has gone on the market for half the sum it was listed for when the estate was last up for sale in 2012. What could bidders get for their money? db reports.
The owners of Malibu Rocky Oaks have struck an unusual deal with auction handlers Paramount Reality USA in that while the estate’s grapes and irrigation systems are included in the sale, the Malibu Rocky Oaks brand is not.
Founded in 2003 by billionaire entrepreneur Howard Leight Sr., who made his fortune designing protective headphones for use on shooting ranges, Malibu Rocky Oask is now run by his son, Howard Leight Jr. The property is located in California’s Malibu Coast AVA, nestled within the Santa Monica Mountains and has 10 planted acres (4 hectares) of vines grown at an elevation of 2,000 feet. Despite the relatively small size of the vineyard, it is home to multiple grape varieties including Cabernet Sauvignon, Cabernet Franc, Merlot, Syrah, Pinot Noir, Malbec, Grenache and Petite Verdot for reds, and for whites, Chardonnay. However, wines aren’t produced on-site but are instead made at a facility in Santa Ynez Valley in the nearby Santa Barbara AVA, overseen by winemakers Andrew Figge and Jeff Urton.
“Malibu Rocky Oaks is not just a home, it’s a landmark,” said Misha Haghani, CEO and founder of Paramount Realty USA, which is overseeing the auction. “The scale, the elevation, the vineyard, the architecture—each piece is rare on its own, but together they create one of Malibu’s most exceptional real estate opportunities.”
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On and off the market
Despite the US$21 million reserve price, the Leights have been forced to drop their asking price considerably since first listing the winery in 2012 for $43 million. According to real estate publication Realtor, Malibu Rocky Oaks has been on and off the market ever since, as well as becoming available for rent. The estate has even been used to hold weddings, with nuptials at the Californian property reportedly costing between US$15,000 – $50,000, depending on the number of guests.
According to records, the Leights acquired the property for US$3.5 million, so will make a strong profit regardless. Another factor bound to tempt prospective buyers is the fact that Malibu wineries are few and far between with many having been wiped out by recent wildfires. Local laws also prohibit the addition of any new wineries to the area after the number of applications to establish new vineyards leapt from three in 2013 to 44 in 2014, making Malibu Rocky Oaks a unique proposition.
The 7,665-square-foot Tuscan-style home has five bedrooms and five bathrooms, while additional features include an interior elevator, a three-car garage with EV charging, infinity-edge pool with hot tub, and wraparound rooftop terrace with “sweeping 360° views of the Pacific Ocean, canyons, and mountains.” Not only this, but the property boasts its own media room, chef’s kitchen and butler’s pantry, staff quarters and multiple outdoor pavilions for entertaining.
The online auction is open now and is due to end on 30 October unless the Leights accept a bid before then.
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