Yolanda Hadid & David Foster's Former Malibu Estate Sells for $6.5M After Fire
A scorched 3.25-acre lot in Malibu that once held Yolanda Hadid and David Foster's mansion sold for $6.5 million on Wednesday. The property was destroyed in last year's Palisades Fire.
David Foster and Yolanda Hadid's former Malibu estate closed Wednesday for $6.5 million, even though it's now just a fire-damaged lot with ocean views.
The 3.25-acre property was reduced to scorched earth during last year's Palisades Fire, which destroyed the mansion that once stood there. The home was featured on "Real Housewives of Beverly Hills" when Hadid lived there.
Hadid, mother of models Gigi, Bella and Anwar Hadid, originally bought the property in 2007 for $4.5 million. She extensively renovated the entire estate during her time there with Foster, the famous music producer.
The property was initially listed for $35 million when it still had the mansion. After the fire destroyed the home, it was relisted as a vacant lot for millions of dollars.
The sale proves that prime Malibu real estate holds significant value even after wildfire damage, thanks to the desirable location and ocean views.
The sale shows how valuable Malibu land remains even after wildfire destruction. It highlights California's ongoing wildfire risk and how fires can wipe out multimillion-dollar homes but leave valuable land behind.
The new buyers will likely rebuild on the lot, which still offers prime Malibu ocean views and acreage.
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