This story first appeared in the Aug. 2 issue of The Hollywood Reporter magazine.
Good things -- or at least modest Malibu real estate profits -- come to those who wait.
David Spade finally can hang that "sold" sign on his beachfront house, which has been purchased by Netflix chief content officer Ted Sarandos and his wife, Nicole Avant, former ambassador to the Bahamas.
Spade bought the property in 2005 for $9.3 million and had taken the 3,763-square-foot spread on and off the market for years. In 2007, he listed it for a high of $16 million, but with no takers, the former Just Shoot Me star leased it for $40,000 a month before attempting to sell it again, for $13.5 million, in 2011.
Even with the discount, however, the four-bedroom, 3½-bath home, built in 1996 and boasting steps to the sand, refused to budge until June, when Sarandos and Avant purchased it for a price-chopped $10.2 million, according to real estate website Trulia. That's a $900,000-plus gain for Spade in eight years, not exactly a windfall profit for the spread, which features four fireplaces, high ceilings and a tiny pool tucked into a rare-for-a-Malibu-beach back patio between the house and its three-car garage.
Sarandos and Avant, who became known as an L.A. power couple when they raised nearly $700,000 for President Barack Obama's reelection bid, now can lay claim to 60 feet of ocean frontage on La Costa, an exclusive stretch of Malibu known for very little public access.
- Arts & Entertainment
- David Spade
- Nicole Avant