The Wall Street Journal reports that Rick Caruso, who has a primary residence in Brentwood, has listed his oceanfront home in Malibu for $40 million.
The nearly 7,300-sq-ft. Cape Cod architectural style home features black-and-white marble-tiled floors that were the testing ground for the designs at Caruso’s Rosewood Miramar Beach luxury resort in Montecito.
Records show that Caruso purchased the Malibu property in 2008 for $11.3 million. According to the WSJ, “He remodeled it, taking it down to the studs. The resulting five-bedroom looks like a whitewashed beach house and has a handset stone driveway, a formal dining room and a large living room with a painted brick fireplace.
“The black-and-white theme continues throughout the house: A black island is juxtaposed against bright white surrounding cabinetry in the kitchen, and a retractable black-and-white striped overhang shades the deck.”
The house also includes a theater with dual balconies and a pair of two-car garages.
According to a spokesman for Caruso, the owner of Palisades Village is selling because his “family has outgrown it” and he is expanding a home in Orange County.
Caruso purchased the Montecito hotel in 2007 from Ty Wanter, and renovations began in 2016. The hotel re-opened in March 2019. There are 124 rooms and 37 suites, and the property includes six restaurants and bars on 16 acres of beachfront property.
Forbes lists Caruso’s net worth at about $3.5 billion. He may be best known as the owner of The Grove, a destination Los Angeles shopping center. He also owns and manages properties at the Americana at Brand, Calabasas Commons, the Promenade at Westlake and the Waterside Marina Del Rey. His company also owns apartments, retail spaces, including 8500 Burton Way, and 333 La Cienega, which is under construction.
Caruso owns the house at 1020 Monument, across from Palisades Village.
Caruso, who served as president of the Los Angeles Police Commission and as a member of the Board of Water and Power Commissioners, is chairman of the board of trustees at the University of Southern California. He is married to Tina, and they have four adult children, Gregory, Gianna “Gigi,” Justin and Alex.