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

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. Mr. Caruso’s spokeswoman said he is selling because his family has outgrown it and is expanding a home in nearby Orange County instead. Mr. Caruso’s company is perhaps best known as the owner of the Grove, the Los Angeles shopping center. The company also owns apartments, retail spaces and hotels across California. Forbes has pegged Mr. Caruso’s net worth at approximately $3.5 billion. Santiago Arana of The Agency has the listing. Write to Katherine Clarke at