"Hard Rock Cafe co-founder Peter Morton sold his oceanfront home on Pacific Coast Highway to natural-gas billionaire Michael S. Smith and his wife, Iris Smith, for $110 million - setting a new L.A. County price record for single-family home sales in the process. The half-acre compound comprises two parcels with two structures and more than 100 feet of frontage on tycoon-studded Billionaires' Beach."
"Designed by architect Richard Meier, the main house and guesthouse feature teak wood siding, automated shutters and windows and wraparound balconies that face the ocean. The two homes combine for about 8,000 square feet of living space with seven bedrooms and nine bathrooms."
"The astronomical transaction is another notch in the belt for the county, which saw two record-setting sales of $100 million in 2016: for the sale of the Playboy Mansion in Holmby Hills, and for a mega-mansion built on speculation in the same neighborhood."
In April, the Los Angeles real estate market saw significant high-end sales activity. A Malibu oceanfront property on Pacific Coast Highway sold for $110 million, establishing a new county record for single-family home sales. The buyer, natural-gas billionaire Michael S. Smith and his wife Iris, acquired the half-acre compound from Hard Rock Cafe co-founder Peter Morton. The property, designed by architect Richard Meier, comprises two structures with approximately 8,000 square feet of living space, seven bedrooms, nine bathrooms, and over 100 feet of oceanfront frontage. The sale surpassed previous 2016 record transactions of $100 million each. Additionally, a Hollywood Hills West home with Lenny Kravitz interiors sold for $33 million.
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