July 29--Shoring up his own financial house, Ryan Kavanaugh, the founder of financially troubled film studio Relativity Media, has sold the beachfront retreat in Malibu he owned through a trust for $8.75 million.
He spent $7 million six years ago for the La Costa Beach showplace contemporary, which was built in 1955 but has been extensively updated to incorporate stone, wood, custom tile and glass doors. Beyond the gated entrance on the street side is a garden leading to the front door.
Inside, open-plan living and dining areas are set off from the kitchen by a large center island. A deck on the main level and a patio off the upstairs master suite take in expansive views of the ocean.
The 3,087 square feet of living space includes a family room, four bedrooms and four bathrooms.
The home was put up for summer lease near the end of May at $60,000 for two months or $65,000 for one month. Two years ago, the property was offered at $50,000 a month or a summer rate of $70,000.
Kavanaugh, 40, founded Relativity Media 11 years ago and is its chief executive. The Beverly Hills studio is cutting 75 of its 350 workers as it nears a possible Chapter 11 bankruptcy filing, the Los Angeles Times reported. The company carved out a niche focusing on films that cost less than $100 million to make.
Leslie Kavanaugh of Sotheby's International Realty and Marco Consentino of Pritchett-Rapf Associates were the listing agents. John Consentino, also with Pritchett-Rapf, represented the buyer.
The same real estate trust paid $7 million two years ago for another Malibu property, this one in the Point Dume area. The Nantucket-inspired house, formerly owned by funnyman Howie Mandel, has 5,865 square feet of living space and sits on an acre with Santa Monica Bay views.
In 2011, the trust also bought an equestrian estate in Pacific Palisades from actor Dennis Quaid for $9.5 million. It sold less than a year later for $11.2 million.
MORE FROM HOT PROPERTY:
Actors Jason Biggs and Jenny Mollen close the door on charming home in the 90210 ZIP Code
Actor Jason Statham sells his Hollywood Hills compound for above its asking price
Fox-bound Colin Cowherd buys $3.1-million home in Manhattan Beach
UPDATE
11:32 a.m.: This article has been updated with Relativity Media confirming it is cutting 75 jobs.
This article was originally published at 10:51 a.m.
