Malibu residents are accustomed to celebrities and billionaires moving in from out of town, but even they are shocked by the city’s newest round of big-ticket home sales.
WhatsApp’s Jan Koum, rapper Kanye West and venture capitalist Marc Andreessen are among the big-name buyers that are supercharging the California beach city’s market againAbout three decades ago, Beverly Hills native Andy Stern moved to the nearby beach city of Malibu to raise his young family. He quickly came to know all his neighbors, he said, recalling block parties with children pouring onto the streets to play together.
Now Mr. Stern—a two-time Malibu mayor and Coldwell Banker Realty real-estate agent—said he barely sees his neighbors in the Broad Beach area, because they are rarely there. The families that once lived in the neighborhood have largely been replaced by celebrities and billionaires, such as the Chicago-born real-estate billionaire Sam Zell, Miami Heat President Pat Riley and Torstein Hagen, the Norwegian billionaire founder of Viking Cruises, property records show. Mr.
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