After languishing on the market for more than two years, former Los Angeles Dodgers owner Peter O’Malley has finally offloaded his bluff-top residence in Malibu‘s exclusive Paradise Cove enclave.

First offered for $85 million in mid-2024, the property was temporarily removed during the 2025 Los Angeles wildfires before resurfacing last October at a discounted $74.5 million. It has now officially changed hands for $55 million, purchased by a joint venture consisting of noted architect Scott Mitchell, Kurt Rappaport of Westside Estate Agency, and Jack Harris and Michael Fahimian of The Beverly Hills Estates; it’s the most expensive residential transaction for the coastal area this year.

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Though the final sale price lands $31 million below the original ask, it is still a whopping $44 million more than the $11 million O’Malley paid TV executive Nick Vanoff for the beachfront estate back in 2001. The existing Mediterranean-style home—originally designed in the early 1990s by architect Marc Appleton to mimic a coastal Greek village—is now facing the wrecking ball. “Nothing from the existing structures is going to remain,” Fahimian told The Real Deal.

In its place, the joint venture plans to construct an ultra-modern compound—a “classic Scott Mitchell” design featuring board-formed concrete as the dominant material. The new build will closely match the existing structure’s scale, spanning roughly 8,800 square feet on the 2.3-acre beachfront parcel. Upon completion, the new spread is expected to list for a potentially record-breaking price north of $200 million.

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Some existing amenities, like the regulation tennis court, will be retained—and a trendy padel court is being considered—but the project is still in its infancy. The partners have yet to secure permits, meaning the ultra-luxury transformation will take several years to finalize.

However, this is a proven playbook for the buyers: Rappaport previously teamed up with Mitchell on a similar redevelopment in the Paradise Cove area that sold to venture capitalist Marc Andreessen in 2021 for $177 million, per The Hollywood Reporter.

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  Wendy Bowman

  Wendy Bowman is a real estate writer at Robb Report. Before that, she was a freelancer for Modern Luxury and several other media outlets, where she primarily covered luxury properties for…

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