In 1988, a Malibu developer and his wife bought land for $1.7 million, built a 17,700-square-foot mansion in 1991, and decades later listed the estate for $90 million

The luxury real estate market is seeing the entry of the largest cliffside residential property on Malibu’s Point Dume with a staggering price tag of $90 million according to the Wall Street Journal.The 1.16-acre property, beyond its architectural grandeur, comes with pop culture status, having served as a backdrop for Hollywood movies and series including The O.C. and Austin Powers: The Spy Who Shagged Me.Historically known as Venezia Pacifica, the custom-built mansion was completed in 1991, following the couple's 1988 land purchase, and is being offered for sale for the first time by its original owners. Property records cited by the paper show the property was acquired in 1988 by the late real estate developer Ken Harges and his wife, Lorelei Harges, for $1.7 million. Since the passing of Ken Harges in 2016, and his wife later on, their daughters Bonnie Furgurson and Wendy Geweke have decided to list the multi-million-dollar asset due to immense logistical challenges required in managing an estate of this magnitude. The couple's daughters said their parents wanted to leave inland life for the California coastline.Mediterranean architecture and interior design The primary residence incorporates a floor plan which is strongly evocative of classic Italian architecture, and inspiration from the couple’s historical travels through Italy has been etched directly into its structure. This sentiment for the region was echoed by their daughters, who wrote in a joint email cited by the Wall Street Journal: "Our mother was proudly 100% Italian," they said, "and together my parents drew inspiration from their many travels throughout Italy.The exterior is defined by classic columns, a signature terracotta-tiled roof, and an expansive circular motor court centered around a custom water fountain. Embracing 176 feet of direct bluff frontage, the estate’s perimeter overlooks the Pacific. Outside, the ocean facing grounds are landscaped with gardens and a sunken pavilion with columns to frame views of the immediate coastline.Inside, the architectural centerpiece is a massive, two-story central ballroom consisting of a sweeping glass curtain wall and an overhead barrel-vaulted glass ceiling. This expansive area is symmetrically flanked by a formal dining room on one side and a private library on the other. While the entry area showcases an artistic staircase alongside a custom glass elevator enclosed in decorative wrought ironwork. Throughout the estate’s nine bedrooms, the designs include coffered ceilings, structural columns, and intricate decorative millwork. Additionally, the primary bedroom suite is fitted with dual walk-in closets featuring motorized clothing carousels. Set apart from the living quarters is a 9,500-square-foot subterranean garage that can provide parking for 20 vehicles.The dynamics of the real estate market The listing of the Malibu mansion is making its debut in a coastal submarket that is highly active. According to listing agent Chris Cortazzo of Compass, the broader volatility across the greater Los Angeles luxury housing sector has done little to dissuade the micro-market of Malibu, which continues to remain energetic.Ultimately, the extensive acreage's pricing draws precedent from a comparable oceanfront property located nearby at Little Dume Beach, which previously sold for $80 million.However, the caveat is that since Venezia Pacifica was constructed before California's coastal and building regulations and height limits grew stricter, replicating a compound of this specific scale and blufftop proximity would be difficult under current zoning parameters. This tension between regulation and property value is not unique to Malibu. A UCSB study found that properties within California’s regulated coastal zone were valued 18% to 25% higherthan comparable properties outside it. Researchers attribute the premium partly to regulations that protect ocean views and limit coastal development.You use AI every day. Now get your AI Quotient. Take the AIQ test.