After more than two years on the market, Peter O’Malley, the previous proprietor of the Los Angeles Dodgers, has finalized the sale of his expansive cliffside property in Malibu’s distinguished Paradise Cove neighborhood.

Initially introduced with an asking price of $85 million in mid-2024, the estate temporarily withdrew from listings during the 2025 Los Angeles wildfires before reappearing last October at a reduced price of $74.5 million. The property was ultimately acquired for $55 million by a collaborative venture involving renowned architect Scott Mitchell, Kurt Rappaport of Westside Estate Agency, and Jack Harris and Michael Fahimian of The Beverly Hills Estates. This transaction marks the most substantial residential sale in the coastal region this year.

Despite the final selling price being $31 million less than the initial asking figure, it represents a considerable $44 million increase over the $11 million O’Malley paid TV executive Nick Vanoff for the beachfront property in 2001. The current Mediterranean-style dwelling, originally conceptualized in the early 1990s by architect Marc Appleton to evoke a coastal Greek village, is slated for demolition. The joint venture intends to replace it with a state-of-the-art modern complex, a design characterized as a “classic Scott Mitchell” creation, prominently featuring board-formed concrete. The new construction will maintain a similar footprint to the existing structure, covering approximately 8,800 square feet on the 2.3-acre beachfront plot. Upon its completion, the redeveloped estate is projected to achieve a potentially record-breaking listing price exceeding $200 million.

This strategic approach is not new to the buyers, as Rappaport previously collaborated with Mitchell on an analogous redevelopment in the Paradise Cove vicinity, which was successfully sold to venture capitalist Marc Andreessen for $177 million in 2021. This demonstrates a well-established blueprint for creating immense value through sophisticated property transformations in prime locations.