Pacaso Buys $15 Million Malibu Mansion, Offers 1/8 Ownership Shares to Vacationers

Pacaso Buys $15 Million Malibu Mansion, Offers 1/8 Ownership Shares to Vacationers

Always wanted to own a luxe vacation home in a desirable locale, but lack the necessary funds to make it happen? Take heed! Your dream property awaits in prime Malibu, just minutes from Escondido Beach and the ever-popular Geoffrey’s restaurant. A Grecian-inspired compound on Pacific Coast Highway, a quick jog east of Point Dume, has popped up on the market. Though its $15 million value may cause many vacationers to balk, you can actually own a portion of the estate for a relatively reasonable $2.2 million.

It’s all possible thanks to Pacaso , a California-based real estate startup founded by former Zillow execs Austin Allison and Spencer Rascoff. After buying high-end homes in sought-after vacation markets across the country, Pacaso then sells them to groups of investors via a fractional ownership model as part of an LLC. The partial ownership includes the purchase price, home upgrades and closing costs, and a Pacaso service fee; co-owners have access to 44 stay nights per their one-eighth share within any 365-day window, with stays lasting from two to 14 nights in duration or longer if you own more than one share.

As for the Malibu offering, nicknamed “Escondido,” Pacaso doled out $15 million to add the residence to its stable of luxury homes. Though that’s a whopping $10 million premium over what real estate developer/financier Daniel Starr, founder and CEO of GameMine , paid for the 1990s property a little over a year ago, Starr and luxury real estate developer/interior designer Saffron Case of Saffron Case Homes have since given the mansion a complete interior and exterior overhaul that included brand-new custom tadelakt bathrooms and a whole-house audio system, plus a library, gym and an office.

Nestled securely behind two private gates, on a 2-acre parcel lined with palms and dotted with mature olive and fruit trees, the white stucco and wood-accented structure offers seven bedrooms and 11 baths sprawled across more than 12,500 square feet of modern yet rustic living space on two levels. Among the highlights: a formal dining room and fireside living room spotlighted by a soaring 30-foot ceiling topped by a massive chandelier — both sporting double French doors spilling outdoors.

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