Geffen Pays $29M For Malibu Beach Inn

MALIBU, CA-Dreamworks movie studio co-founder David Geffen’s Geffen Cos. has acquired the 47-room Malibu Beach Inn along the coast near Pepperdine University from two private individuals for $29 million, according to Madison Partners. Bob Safai of Madison Partners, who represented The Geffen Cos. in the acquisition of the property at 22878 Pacific Coast Highway from sellers, Vicky and Marty Cooper, calls the Inn “a unique asset” and “irreplaceable.”

Safai points out that beachfront sites of any kind are difficult to find in Southern California, and sites in exclusive communities like Malibu are even rarer. Safai describes the Malibu Beach Inn as “a unique asset in a desirable hospitality market with little competition and almost impossibly high barriers to entry.”