THE ASK: Howard Marks, co-chairman of the investment firm Oaktree Capital Management, is listing his beachfront Malibu, Calif., home for $38.5 million.
THE SELLER: Marks, who co-founded the Los Angeles-based firm in 1995, bought the house on Broad Beach as a vacation home with his wife, Nancy Marks, in 2021 for $29.169 million, according to property records. He previously sold a Malibu home for about $75 million in 2013.
They are selling their circa-1950s home because they have been spending more time on the East Coast, according to listing agent Linda May of Carolwood Estates. They have homes in Los Angeles, New York City and East Hampton, property records show.
THE SPECS: The Cape Cod-style Malibu home has five bedrooms and measures about 6,200 square feet. It was recently redone by interior designer Michael S. Smith, who is known for his work decorating the White House for President Obama. Smith has worked on multiple homes for Marks.
There is also a one-bedroom guesthouse on the property. The roughly 1-acre property has about 100 feet of beachfront on Broad Beach, an area popular with celebrities including actors Pierce Brosnan and Dustin Hoffman, property records show.
