The Who, Malibu · Prepared for David Hoberman
One of Four.
Some Malibu homes offer a view. This one offers a world of its own.
Proposed auction event · Sunday November 1, 2026
You don't have to live on the sand to live extraordinarily well in Malibu.
The premise
This isn't a failed house.It has been overexposed conventionally, and under-marketed strategically.
24685 PCH is sellable, and at the right level. The work is not about finding a lower number. It is about building a campaign that gives qualified buyers a genuine reason to compete, so the market is pushed to its full value rather than left to negotiate down from an asking price. Competition, not concession, sets the result.
The residence & the enclave
The Who.
Four homes behind one gate on a Malibu bluff: The Where, The Why, The What and The Who. Scott Gillen calls it his first attempt to build a street of homes, and part of the Malibu Series, the approximately $500 million Unvarnished portfolio launched in 2019.
Every home shares his signatures: private gated entrances, walls of glass, hand scraped aged white oak, Bulthaup cabinetry, Glulam beams and ocean from every room. This one is a single level villa with a great room, oceanside primary, lower media room, separate studio or guest suite, and a wellness pavilion beside the spa and a 60 foot infinity pool.
- Design & build
- Scott Gillen / Unvarnished
- Enclave
- The Who, one of four, gated
- Living
- Approx. 8,110 sq ft, main level living
- Land
- 1.06 acres, bluff top
- Bedrooms · Baths
- 4 · 6 (to be verified)
- Setting
- Infinity pool, spa, wellness pavilion, studio
01 · The diagnosis
$3.1 million already conceded. Still no reason to buy now.
From $15.995M to $12.9M, the seller has already moved $3.095M, roughly 19%. It has not produced a transaction. That is exactly why the answer is not "let's reduce the price again."
- May 2016Sold for $7,500,000
- Sep 2024Offered at $15,995,000
- Nov 2024Reduced to $15,495,000
- 2025Repeated sale and rental exposure
- Oct 2025Leased at approx. $47,500 per month
- Jan 2026$15.495M listing expired
- Jul 21, 2026Relaunched for sale at $12,900,000
- Sep 22, 2026Simultaneously offered for rent at $45,000 per month
93.2%
90265 sale to list
91
Avg days on market
$1,591
Per sq ft asking
A highly differentiated property is being marketed as another expensive Malibu contemporary, in a buyer's market, after accumulating substantial market history.
The solution is not another listing campaign. Reset the asset, establish a new identity, create a defined buying opportunity, and force a decision within a compressed period.
The lede is buried
The listing opens with "a serene sanctuary". Scott Gillen, Unvarnished and The Who appear halfway down, if at all. One of only four homes in a named, nationally published enclave is the story, and it is hidden.
The facts do not agree
Public feeds say 4 bedrooms and 6 baths. The narrative describes a primary plus four more suites, plus a guest suite or studio. An older agent page says 6 bedrooms and 8 baths. At $12.9M the internet cannot disagree on bedroom count.
For sale, or for rent?
For sale at $12.9M and for lease at $45,000 at the same time. The buyer hears: the owner has options, there is no deadline, I can wait. The exact opposite of what we need.
Overexposed, under-marketed
Two years of conventional exposure, a 19% adjustment, and still marketed as another expensive Malibu contemporary in a buyer's market. The problem is the method, not the house.
02 · The price question
Price is not the opening argument.
At $12.9M the house asks about $1,591 per sq ft, below the $13M, $1,696 per sq ft sale at 340 N Kanan Dume in April, and well below Point Dume new construction at around $2,200.
Even the online estimates sit close by, at roughly $11.8M to $12.6M. Those are algorithms, not valuations, but none of the evidence says the price is wildly out of line. Buyer behaviour in a properly run campaign will tell us the rest.
What buyers are also seeing
- 27086 Malibu Cove ColonyOceanfront, 3,409 sq ft$12.995M
- 25006 Malibu RoadBeachfront, 3,305 sq ft$12.995M
- 6525 Point LechuzaPierre Koenig's final project, beachfront$12.95M
- 4310 Encinal CanyonApprox. 9,120 sq ft, resort and wellness$12.995M
- 4346 Avenida De La EncinalApprox. 6,230 sq ft, newer contemporary$11.995M
- 32597 PCHApprox. 7,635 sq ft on five acres$11.995M
| Recent Malibu sale | Price | Sq ft | $/sq ft |
|---|---|---|---|
| 340 N Kanan Dume Rd | $13.0M | 7,665 | $1,696 |
| 29200 Larkspur Ln | $14.0M | 6,375 | $2,196 |
| 6755 Dume Dr | $14.995M | 5,337 | $2,810 |
| 11809 Ellice St | $15.3M | 16,489 | $928 |
| 26814 Malibu Cove Colony | $11.3M | 4,640 | $2,435 |
| 24685 PCH (asking) | $12.9M | 8,110 | $1,591 |
2026 Malibu sales, reported figures, approximate. Not interchangeable comparables, but proof buyers are transacting in exactly this band. 90265 is a buyer's market: about 93.2% sale to list and 91 average days on market (Redfin, August 2026).
The enclave's own price ladder
- 24683 PCHThe WhySold approx. $7.05M, resold Jan 2022 for $12.375M. Back on market at $14.995M to $14.45M since, no reported sale.
- 24687 PCHThe WhatApprox. 9,000 sq ft on 1.06 acres. Traded around $12.75M in December 2020.
- 24689 PCHThe newestCompleted 2025, approx. 10,000 sq ft on 2.67 acres. Asking $19.8M, down from $22.5M.
- 24685 PCHThe Who8,110 sq ft on 1.06 acres. $12.9M. Own inside the same enclave for almost $7M less.
Every buyer looking at 24689 is a buyer we deliberately redirect here.
03 · The repositioning
Not a four bedroom house for $12.9M.One of Malibu's four The Who residences.
I
Provenance
Scott Gillen / Unvarnished, part of the nationally published Malibu Series. 13 foot exposed beams, Fleetwood glass, white oak, Bulthaup kitchen.
II
Scarcity
One of four. The Where, The Why, The What and The Who. It will never be repeated.
III
Privacy
Approximately one gated acre, above and away from the highway.
IV
Scale, on one level
More than 8,000 sq ft while keeping predominantly single level living.
V
Ocean
Ocean, whitewater and coastline views without giving up privacy.
VI
Lifestyle
Wellness, art, entertaining and resort living, minutes from Cross Creek and Surfrider.
And then the seventh: Opportunity. A defined selling period, not another indefinite listing.
04 · The film
The ocean before sunrise. Malibu waking up. Surf. Cross Creek. The mountains. The highway.
"There are houses in Malibu."
Pause. The gate begins to open.
"And there are places that could only exist here."
Through the gate. The Pacific appears. Timber beams. Glass. Art. Bulthaup. The pavilion. Sunset.
Then Scott Gillen. Four homes. One enclave. One opportunity.
One of Four. 24685 Pacific Coast Highway.
Presented by Sellers Reserve. The auction comes last, not first.
05 · The walkthrough
How we present every room.
Having walked the property, this is how each strength becomes part of the campaign.
- ArrivalWe film the gate and the climb as the opening sequence. The private approach becomes the first moment of the story, a world away from PCH.
- The bluffWe show the house as the buyer lives it, from the pool, great room and primary, where the bluff sets it apart from the highway below.
- The viewHorizon, whitewater, coastline and sunset, captured room by room and from the pavilion, so every buyer sees the full panorama before they visit.
- The acreWe lead with 1.06 acres. Aerial and ground footage makes the scale of the land clear, a rare asset in Malibu.
- RefreshA targeted refresh of furniture, art, lighting, linens and landscaping, so the home presents as 2027, not 2016.
- The enclaveOne of four gated homes. We present the privacy, security and HOA services as a benefit that is part of owning here.
- AccommodationA clean, verified room schedule aligned with plans and records, so buyers and their advisors have full confidence from day one.
- ArtWe stage key walls and volumes for the collector buyer, showing the home as a setting for serious art.
- NightDedicated golden hour and after dark shoots. This house comes alive at night, and the campaign will show it.
06 · Who really buys this house
Six audiences, six messages.
01
LA entertainment executive
Privacy, central Malibu, entertaining.
02
Tech founder
Architecture, privacy, wellness, turnkey lifestyle.
03
Existing Malibu owner
Upgrade to acreage and scale without leaving Malibu.
04
Beverly Hills or Bel Air downsizer
One level living without compromising quality.
05
Art collector
Gallery volume, light and architecture.
06
Second home UHNW buyer
Resort living with lock and leave security.
07 · Two more buyer universes
The house becomes a venue, not an open house.
Art Above the Pacific
A meaningful gallery or art adviser curates the house for the campaign. Collectors, gallery clients, architects, designers, luxury agents, the entertainment industry and qualified buyers are invited.
The Malibu Wellness House
Not a gimmick. Morning yoga, training, massage, meditation, the pool, a healthy chef experience, sunset. The pavilion, spa and single level layout finally sold as a reason to buy.
Scott Gillen, on camera
We approach Gillen and Unvarnished. Five minutes: "Tell us about The Who. Why four homes?" Even archive imagery or a quote gives the campaign enormous credibility.
08 · Answer the objections first
It's on PCH.
We demonstrate the actual privacy and acoustic experience once beyond the gate.
It isn't beachfront.
Correct. We sell acreage, privacy, pool, scale and serenity. You don't have to live on the sand to live extraordinarily well in Malibu.
Why so long on the market?
Because the sale process has changed.
Why was it a rental?
That chapter has ended.
Why $12.9M?
We don't argue the old price. We create a new competitive environment.
What does the HOA cost?
Currently about $7,422 per quarter. We present it up front, alongside everything the private gated enclave provides, so no buyer discovers it without context. We will also make clear that the fee is expected to come down, as discussed with the association, so buyers weigh a lower ongoing cost rather than today's figure.
Fire, insurance, Coastal, septic?
Answered in the data room before anyone becomes emotionally invested.
The Westside Top 300
"You may know 24685 PCH. You do not know this campaign."
At $13M, representation networks may matter more than advertising. Every agent who sold or represented buyers above $7.5M in Malibu, Beverly Hills, Bel Air, Brentwood, the Palisades, Santa Monica, Venice, Holmby Hills and the Bird Streets receives a personal call, invitation, the film, the brochure, the timetable, commission information and a follow up. No "just listed" emails. They already know it exists.
A market that was never properly tested
We understand the previous campaign produced only a couple of showings. That is not a verdict on the house, it tells us the right buyers were never brought through the gate. The few who did view it are followed up personally, and every inquiry, portal lead, renter and buyer agent who showed interest without visiting is sorted below. A and B buyers are called before the public relaunch, but the real work is reaching the buyers the last campaign never found.
A
Capable and interested
B
Capable but price resistant
C
Capable but chose another property
D
Not relevant
09 · The same 30 days
One clear message: this property is being sold.
Not "sold, unless rented". Fourteen days offline to create visible separation and build the campaign, then a 17 day public campaign with an ending. Not 60 days, not 90, and certainly not another year.
Oct 1 to 14
Reset
Withdraw sale and lease listings. Audit everything online. Resolve the room count. Obtain every inquiry, showing, offer and buyer agent. Find who almost bought it. Style the house for 2027. Shoot the film.
Oct 15 to 18
Launch & PR
"One of Four. The Who, Malibu." Fragments only, no price. A and B buyers from the old database called personally first.
Oct 19 to 23
Previews & agents
Film goes live. Private sunset preview. Westside Top 300 agent activation, call by call.
Oct 24 to 28
Inspections & events
Art Above the Pacific, wellness mornings, retargeting, international outreach, second inspections, bidder qualification.
Oct 29 to Nov 1
Conversion
Final inspections, bidder conversations, reserve set on evidence, the auction event.
27
28
29
30
Oct1
Mandate signed
2
3
4
5
6
7
8
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10
11
12
13
14
Film complete
15
Teaser live
16
17
18
19
Film launch
20
21
22
Sunset preview
23
Broker preview
24
Inspections
25
Art evening
26
27
Wellness morning
28
29
30
Reserve set
31
Final inspections
Nov1
Auction 2 PM
2
3
4
5
6
7
The reserve
Not set on day one.
About 48 hours before the auction, David and I sit down with a bidder intelligence report. We aren't guessing. "David, this is what the market has told us." Then we set a reserve that protects him without killing the competition we spent three weeks creating.
- Inquiries and buyer sources
- Qualified and second inspections
- Contract and due diligence downloads
- Proofs of funds
- Registered bidders
- Buyer agent and price feedback
- Known underbidders
The day
A private gala above the Pacific.
No banners, no gimmicks, no carnival. Controlled attendance, architectural staging, champagne, the ocean, qualified bidders and remote bidding where appropriate, with the auction called by Michael Mahon himself, America's finest auctioneer. One objective: convert months of indecision into one moment of decision.
If we pass in
The campaign doesn't end.
If three serious buyers stop below reserve, we are not back at square one. We know exactly where Buyer A, B and C stand. Within hours, Phase Two begins: a five day best and final window, then a deal. Only if that fails do we move to a conventional Phase Three.
10 · The terms
Simple, aligned, and free for the buyer.
2.5%
One fee. Listing and auction combined.
No separate auction fee, no retainer for the method. Sellers Reserve is paid when the house sells.
0%
No buyer's premium.
Many auction houses add a buyer's premium of 10 to 15% on top of the hammer price. On a $12.9M sale that is $1.3M to $1.9M the buyer mentally deducts from their bid. We charge nothing, so every dollar a bidder is willing to spend goes to you.
Every
Broker is a partner.
The buyer for this house is most likely already represented by an agent somewhere on the Westside, in New York or overseas. We want every one of them motivated to bring that client to the gate. How we reward cooperating brokers is something to decide together, and I believe we should be as generous as the result allows.
11 · The adviser
I lead it personally. One point of accountability.
If I am responsible for the outcome, I need authority over the process. I don't want to inherit the old process, because I don't want to inherit the old result. I direct the campaign end to end, with a hand selected group of high calibre individuals working under my direct instruction: film, photography and drone, creative and copy, PR, paid digital, CRM, a dedicated buyer concierge, event production, auction operations, compliance, and Malibu luxury specialists with genuine local relationships.
Fresh energy, fresh assets, fresh database activation. If there is an existing relationship obligation, it can be solved commercially without giving up control of the campaign.
"David, the more I look at it, the more I believe there is a story here the current campaign isn't telling."