Miami-based commercial real estate developer and investor Robert Rivani is looking to do some serious house flipping in California. Just a year after he scooped up a Malibu mansion from TV executive Michael Lambert for $19.5 million, the real estate powerhouse is looking to offload the beachfront spread at a substantial profit. And the kicker? It all started with a bet.
Per The Wall Street Journal, a friend wagered the Black Lion president a seven-figure sum that he couldn’t flip a high-end residential property. Not one to back away from a challenge, Rivani has put a hefty $5 million into renovating the 1920s spread on Carbon Beach, aka Billionaire’s Beach, and hoisted it back on the market for a whopping $42.5 million with Chris Cortazzo of Compass.
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“I wanted to create a transformative residence that is a true masterpiece and stands out from any other property in the area,” says Rivani in a press statement. The home, which is slated for completion early next year, is about 50 percent finished, WSJ reported. When it’s done, the home will comprise 4,900 square feet with five bedrooms and five and a half baths. The new design is inspired by the ultra-luxe Aman hotels.
Inside, the neutral-hued home will sport organic materials, including limestone, slabs of Onyx, and walnut parquet flooring. The kitchen will be decked out with custom Eggersmann cabinetry and top-end Miele appliances, while the second-floor primary suite will encompass dual walk-in closets and a spa-like bath with an infrared sauna.
Some of the other standout features will include a custom glass wine vault, a cantilevered hot tub, a central courtyard with a Zen garden, and an additional two-bedroom guest cottage. There’s also a summer kitchen for cookouts and, even better, 60 feet of prime beachfront with sweeping ocean views from Palos Verdes to the Malibu Pier.
“We are treating this property like a work of art and bringing a new level of elegance to Malibu,” adds Rivani. “No detail was left unturned, with custom designs and the most high-end finishes, to deliver a retreat that makes you feel like you’re on a permanent vacation.”
Click here to see all the photos of 22102 Pacific Coast Highway.
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