After seven years on the market, a blufftop mansion in western Malibu’s Encinal Bluffs neighborhood was sold for $38.4 million to Andrew Schwartzberg, managing partner of Pennant Housing Group. Schwartzberg specializes in affordable housing properties and owns several companies that manage thousands of rental units for low- and moderate-income individuals. The property was previously owned by investors Mark Cirlin and Man Li-Yeh, who purchased it from Friends co-creator Marta Kauffman and her ex-husband Michael Skloff for $10.7 million in 2017. The investors spent years and millions of dollars rebuilding the home with architect Doug Burdge.
The Cape Cod-style residence sits on a gated blufftop parcel spanning 1.7 acres with stunning ocean views. The main home features two stories, an elevator, wide-plank oak floors, and floor-to-ceiling windows. There is also a separate guesthouse, totaling six bedrooms and eight baths across 4,000 square feet. The property includes a spacious great room with a fireplace and custom French doors leading to a terrace, a gourmet kitchen with top-tier appliances, an office, formal dining room, and an upstairs primary suite with a wraparound ocean-view balcony, fireplace, and spa-like baths.
The outdoor space boasts a pool, spa, open-air pavilion with fireplace, sunken fire-pit, and al fresco kitchen with a grill, pizza oven, and stone-clad bars. There is also an attached two-car garage, motorcourt, and steps leading down to a secluded beach. In addition to this Malibu property, Schwartzberg and his wife Jaime own another lavish home in Pacific Palisades with eight bedrooms, 12 baths, and over 10,000 square feet of living space. The property was purchased for $16.5 million.
This sale ranks as one of the top five priciest deals in Los Angeles County in 2024. Schwartzberg’s expertise in affordable housing properties contrasts with the luxurious nature of his new Malibu home, showcasing his diverse real estate portfolio. The property’s location on a blufftop with ocean views, extensive outdoor amenities, and luxurious interior features make it a desirable and valuable asset. The investment in a high-end property like this reflects Schwartzberg’s success and financial standing in the real estate industry. The previous owners’ decision to rebuild and renovate the home likely contributed to its increased value and appeal to buyers like Schwartzberg.
