A sprawling mobile home park in Malibu owned by the coastal city’s founding family has been sold to one of the nation’s largest owners of manufactured home communities.
The new owners said the 297-unit Point Dume Club in Malibu will continue to operate and will not be remodeled into the type of property typically found in Malibu.
Marcus & Millichap broker Dustin B. Wilmer said real estate broker Dustin B. represented the seller in the last transaction.
“On the market for the first time since the original purchase of the land in 1892, Malibu’s Point Dume Club sold for the highest price for a site ever acquired by a manufactured home community,” Wilmer said.
The sale price was not disclosed, but a person familiar with the terms of the deal, who was not authorized to speak publicly, estimated the sale at about $200 million, more than the land would have fetched if it had been put to other uses. . .
The new owner is Chicago-based Hometown America Communities, which reportedly operates about 80 mobile home communities in 12 states. company website.
“We are excited to add Point Dume to our family of communities in California,” the company said in a statement. “Pointe Dume is a beautiful property and we intend to manage it as the previous owners did, respecting the current lease and complying with all local regulations. The city is a long-term investor and we value the long-term viability of our market and communities.”
Malibu’s Point Dume Club is one of two mobile home communities in Malibu. Over the past two years, homes there have sold for an average of $2.1 million and as high as $5.6 million, Wilmer said. These prices only buy the mobile home itself, since the owners rent their land from the property owner.
The Point Dum Club was built in 1969 by members of the Rindge family, who had owned the land since the late 1880s. Its coastal boundaries are about 50 feet from the shoreline.
Amenities at the gated community include a basketball court, car wash, clubhouse, library, dining room, stage, game room, laundry room, playground, heated pool, sauna and tennis court.
