Developer Rick Caruso eyes $40 million for Malibu mansion

You’ve probably been to one of Rick Caruso’s properties. Between the Grove, the Americana at Brand and the Commons at Calabasas, the mall magnate’s attractions draw millions of Angelenos each year.

But you probably haven’t been to this Malibu mansion, which Caruso just listed for sale at $40 million.

Caruso, the billionaire developer who was elected chairman of the USC Board of Trustees in 2018, paid $11.3 million for the home in 2008. He’ll have plenty of other places to stay if he finds a buyer; records show he owns houses in Brentwood, Sherman Oaks and Newport Beach.

Generally speaking, Caruso’s spaces are extravagant celebrations of luxury and excess, and his oceanfront home is no different. A stone driveway approaches the column-lined entry, and inside, a checkered-tile marble foyer leads to formal rooms with chandeliers and walls of glass.

At the center of the 7,300-square-foot home, there’s a wood courtyard with a wet bar, swimming pool and spa. Pocketing doors line the sides, and Juliet balconies overlook the space from above.

A sweeping staircase navigates the two-story floor plan, ascending to a primary suite with a private deck and a wood-paneled theater with French doors and a fireplace. Down below, a wood deck and window-lined sun room hover above the sand.

Caruso founded his eponymous real estate company, Caruso, in 1987. The 62-year-old continues to serve as CEO, and over the last three decades, the company has opened 10 retail centers and also broke into the hospitality business in 2019 with the Miramar Beach hotel in Montecito. Forbes estimates his net worth at $3.9 billion.

Santiago Arana of the Agency holds the listing.