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Hong Kong millionaire’s fire-ravaged $30M Malibu property heads to auction with a $13M reserve
Hong Kong multimillionaire Hiroshi Horiike is putting his 5.35-acre Malibu property up for auction, seven years after the mansion on it was destroyed in the 2018 Woolsey Fire. The land, which once had an asking price of $29.8 million, has a reserve of $12.99 million; the sale reflects Horiike’s decision to sell by the end of the year.
The property overlooks the Pacific and could support a rebuild of up to 14,500 square feet under grandfathered fire-rebuild protections. The auction includes approved plans for a seven-bedroom home with a pool, tennis and equestrian facilities, and a pedestrian tunnel to Zuma Beach. Horiike bought the former mansion for $12.25 million in 2007 and later sued over claims that its advertised size had been overstated; the house burned down in 2018.
In short
- Horiike’s fire-damaged Malibu land is going to auction.
- The reserve bid is $12.99 million.
- Buyers could rebuild a mansion of up to 14,500 square feet.
Explained simply
The Woolsey Fire swept through parts of Southern California in 2018, destroying homes in Malibu, a coastal area west of Los Angeles. Hiroshi Horiike, a Hong Kong multimillionaire, bought the property in 2007; its mansion was later destroyed in the fire, leaving the land and its ocean views.
The site is 5.35 acres, and existing rebuild protections may allow a new home of up to 14,500 square feet. Approved designs include a seven-bedroom house and facilities such as a pool and tennis court, though a buyer would decide whether to use them.
Horiike also sued over claims that the former mansion’s advertised size was overstated. The planned sale puts the focus on the value of the land and what can be built there after the fire.