In a very rare opportunity, a 71-acre land site has come to market in Malibu. The eight-parcel land site, which was formerly owned by Jerry Perenchio, is expected to sell for more than $150 million. Four of the parcels, a total of nearly 19 acres, are zoned for commercial development, offering a great opportunity to shape the future of the city. Savills Studley and The Agency are teaming to market the site. We sat down with Mauricio Umansky, founder and CEO of the Agency, to talk about the sale and how this unique site will impact the market.

GlobeSt.com: How did this large land portfolio come together for this sale?

Mauricio Umansky: During his lifetime, the late businessman and philanthropist Jerry Perenchio acquired a vast portfolio of real estate throughout Los Angeles. After his passing earlier this year, the new guardians of the estate decided to sell the Malibu land.