Lionsgate's Patrick Wachsberger Buys Malibu House for $4.37 Million (Exclusive)
Lionsgate Motion Picture Group co-chairman Patrick Wachsberger has purchased a three-bedroom home in Malibu for $4.37 million.
The property is located in Malibu Cove Colony, a private, gated community. The 2,948-square-foot house had been listed for $5.2 million and hit the market in June 2011. The deal closed May 14.
The oceanfront property on Malibu Cove Colony Drive includes a large deck, gourmet kitchen and a cedar sauna. Listing agent Patricia Hodson of Sotheby's International Realty said in an e-mail that the house, constructed in 1978, was "allegedly built by a member of the Shah [of Iran's] family and no expense was spared."
Data from Trulia, a residential real estate information company, indicates that the Malibu real estate market has softened. According to Trulia, 73 houses were sold in Malibu in July, down 27 percent from July 2011, when 100 houses sold. Also, the median sale price in Malibu was $975,000 in July, down 19 percent from a year earlier when it was $1.2 million.
Wachsberger, a former co-chairman of Twilight studio Summit Entertainment, was named co-chairman of Lionsgate's motion picture group in January when Summit was purchased for $412.5 million. He has long been considered one of the top international film executives and sales agents in Hollywood.
Waschberger declined to comment. His real estate agent, Nikki Hochstein of Prudential California Realty, also declined to comment.