MONTECITO — Billionaire real-estate developer Rick Caruso is listing his oceanfront home in Malibu for $40 million.
The nearly 7,300 square-foot property was used as the testing ground for the designs of Rosewood Miramar Beach, a resort Mr. Caruso’s company owns in Montecito. Both properties are built in the same Cape Cod architectural style, with both featuring the same distinctive black-and-white marble floors, according to a report by Mansion Global.
Mr. Caruso, 62, purchased the property for $11.3 million in 2008. Following a remodel, the home now has five bedrooms, a handset stone driveway, a formal dining room and a large living room with a painted brick fireplace, according to reports.
The property also includes a theater with dual balconies opening up to a courtyard and the ocean, as well as a pair of two-car garages. An antique limestone fountain in the entry courtyard was imported from France, officials said.
Mr. Caruso’s company is well known as the owner of the Grove, the Los Angeles shopping center. The company also owns apartments, retail spaces and hotels across California. According to Forbes, Mr. Caruso’s net worth is approximately $3.5 billion.
— Mitchell White