Amid Relativity Woes, Ryan Kavanaugh Sells Malibu Beachfront Home
The home has four bedrooms, four bathrooms and views of the ocean.
Amid Relativity's looming bankruptcy, CEO and founder Ryan Kavanaugh has sold his beachfront Malibu home for $8.75 million, The Hollywood Reporter has confirmed.
Kavanaugh originally purchased the La Costa Beach contemporary home for $7 million six years ago and just sold the waterfront house through a trust he owned, the Los Angeles Times reported on Wednesday.
The home, which boasts 3,087 square feet of living space, was built in 1955 and has been renovated both on the interior and exterior, incorporating stone, wood, tile and glass into the updates. It has four bedrooms, four bathrooms, a family room, garden patio area and outdoor deck with spanning views of the ocean.
According to the Times, Kavanaugh's home was put up for summer lease at the end of May with a pricetag of $60,000 for two months, or $65,000 for one month and two years ago was listed for summer rental for $50,000 a month or $70,000 for the summer rate.
Sotheby’s International Realty's Leslie Kavanaugh represented Kavanaugh and Pritchett-Rapf & Associates' Marco Cosentino and John Cosentino represented the buyer.
On Wednesday, Relativity laid off 75 employees in preparation of potential bankruptcy that is expected to be filed this week.