Having a beach house is a dream for many people. It sure is for me! Living directly on the Pacific Coast Highway in Malibu sends a message that you've truly arrived. It signifies success and financial freedom. After all, if you can afford to pay over $1 million in property taxes each year, the mundane worries of car payments and utility bills are likely far from your mind. One such impressive property is located at 22126 Pacific Coast Highway, which boasts an expansive stretch of beach as its backyard. This prime piece of oceanfront land was once owned by media mogul David Geffen, who sold it in 2017 for a staggering $85 million after a prolonged period on the market. The new owners can relish their luxurious beach pad along with a yearly property tax bill of $1.03 million!
This article marks the beginning of a series that will delve into Los Angeles homes that carry annual property tax bills exceeding $1 million. The question we pose is intriguing: Is it worth it? To determine that, let’s first examine the key statistics of this prestigious property.
Located at 22126 Pacific Coast Highway, Malibu, CA, the house spans 2,279 square feet and was constructed in 1948. It features four bedrooms and four bathrooms, along with a beachfront pool and spa. However, this is just one part of the entire property, which encompasses 4,000 square feet and includes five bedrooms and six bathrooms across several lots. Officially, the address is listed as 22114-22126 Pacific Coast Highway. The charming gray shingled house, accented with white trim, includes two guesthouses and a pavilion screening room. Originally listed at $100 million in 2015, Geffen owned the property since the 1970s and had complete ownership since 1999.
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Throughout the years, there has been some controversy surrounding this home, Geffen, and the California Coastal Commission dating back to the 1980s. In California, all beaches are considered public property. However, Geffen sought to restrict public access to the beach in front of his luxurious residence. In 1983, he reached an agreement with the city of Malibu and the California Coastal Commission, which allowed a pathway from the Pacific Coast Highway to the public beach in exchange for permission to construct a swimming pool and make other enhancements to his property. Initially, this arrangement seemed to work well; however, by 2002, Geffen took legal action to prevent public access to the beach in front of his house. To further deter visitors, he even erected four fake garage doors along the highway and altered the curb to create the illusion of authenticity, aiming to keep onlookers off the beach and prevent parking in front of his property.
These antics continued for several years, culminating in 2007 when Geffen agreed to open a portion of the public beach (a rather generous gesture towards public use of a publicly owned space!). In return, he was permitted to construct a privacy barrier to safeguard his property.
