Restoration Hardware’s CEO Pays $28 Million for His Second Malibu Beach House
Move over Larry Ellison, there’s a new mogul cutting into your longtime Malibu turf. On exclusive Carbon Beach, where Ellison owns no fewer than 13 houses, two eye-catching contemporary homes recently sold. Back in August, a 5,600-square-foot 1990s build went for $26.7 million, and now a 4,000-square-foot stunner about 12 doors away just closed for $28.5 million.
Records reveal both lavish beach houses were bought by the same man: Gary Friedman, the billionaire chief executive of the high-end furnishings juggernaut formerly known as Restoration Hardware.
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It’s not clear why Friedman wants or needs two spacious and vaguely similar-looking houses on the same stretch of sand, but it’s entirely possible that one will serve as his temporary “crash pad” while the other is undergoing renovations, or perhaps one is intended to be guesthouse for friends and family.
Whatever the case, Friedman’s latest acquisition has a bit of a interesting ownership history. From 2018 until 2021, the house was owned by billionaire Robert F. Smith, who used the place as a high-end income property, frequently renting the place out to short-term tenants. In late 2021, Smith sold the house for $21.8 million to noted property developer Saffron Case and her husband Timothy. The Cases held onto the place for two years, giving it a thorough remodel, before flipping it to Friedman for the aforementioned $28.5 million.
Guarded by an electronic driveway gate, the redwood-sided structure includes an expansive great room adorned with custom rift cabinetry and plaster walls, plus a separate bar area. Fully remodeled, the kitchen includes stone countertops and white oak cabinetry. Three of the home’s bedrooms are located on the main floor, while the lavish primary suite rungs the full length of the house and includes a private office, a spa-style bathroom and boutique-style closet.
Out back, a 60-foot wooden deck fronts the beach. Ideal for entertaining, the backyard area also includes a built-in barbecue center, a fire-pit and an outdoor shower for hosing off the sand.
With just one brief interruption, Friedman has been CEO of RH, the company formerly known as Restoration Hardware since 2001, and has overseen multiple reinventions of the luxury home furnishings retailer. Today, the San Francisco native sports a net worth that tops $1.6 billion, per Forbes. In addition to his two new Carbon Beach retreats, he also maintains a Beverly Hills mansion, that recently popped up for sale with a $44 million asking price. Last year, the San Francisco native sold a half-built Los Angeles estate for $24 million to an anonymous buyer.
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