Billionaire Developer Rick Caruso Lists Oceanfront Malibu Home for $40 Million

Louetta R. Clark

Rick Caruso, a billionaire real-estate developer, is listing his oceanfront Malibu, Calif., home 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, according to his spokeswoman. Both properties are built in the same Cape Cod architectural style, and both feature the same distinctive black-and-white, marble-tiled floors.

Records show Mr. Caruso, 62, purchased the property for $11.3 million in 2008. He remodeled it, taking it down to the studs, his spokeswoman said. The resulting five-bedroom looks like a whitewashed beach house and has a handset stone driveway, a formal dining room and a large living room with a painted brick fireplace.

The black-and-white theme continues throughout the house: A black island is juxtaposed against bright white surrounding cabinetry in the kitchen, and retractable a black-and-white striped overhang shades the deck.

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.

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