There’s a reason Carbon Beach is nicknamed Billionaire’s Beach. The prized stretch of sand off the Pacific Coast Highway in Malibu routinely sees sales north of $20 million and occasional record-breaking deals.
Hotelier Peter Morton set a Los Angeles County record at when he unloaded his Carbon Beach compound for $110 million in 2018. Last year, a modern mansion owned by the late philanthropist Eli Broad traded hands for $51.65 million.
Michael Lambert, a media executive who spent time at 20th Century Fox and HBO, is the latest to sell in the ritzy enclave. Records show he just passed his Mediterranean-style villa with 60 feet of beach frontage for $19.55 million. The sale was a three-year effort for Lambert, who first offered it at $23.75 million in 2019.
The buyer, The Times has confirmed, is real estate investor Robert Rivani, president of the commercial real estate firm Black Lion. Rivani said he plans to renovate and flip the property.
Built in 1927, the two-story villa spans 4,650 square feet with classic Mediterranean style. Stucco and clay tile cover the exterior, and inside, rustic beams and stained-glass skylights hang above arched doorways and stone floors.
Highlights include an indoor-outdoor living room with a fireplace and wet bar, as well as a kitchen and dining room separated by a dual-sided fireplace. At the edge of the space, there’s an indoor spa.
Elsewhere are four bedrooms and four bathrooms, including a primary suite that spans the entire second story and includes a lounge, custom fireplace, terrace overlooking a leafy courtyard and balcony overlooking the beach.
Chris Cortazzo and Bruce Mibach of Compass held the listing.
In addition to founding Lambert Media Group, Lambert has served as executive vice president of HBO and president of domestic television of 20th Century Fox.