Lee Soo-man, the former chairman and chief producer of SM Entertainment, has garnered attention as his Malibu mansion, known to be his actual property, sold for less than the purchase price.
According to the property title, which shows ownership registration details, SM Innovative Amusement sold the Malibu mansion (located at 20140 Pacific Coast Highway, Malibu) for $4.05 million on June 24.
The buyer is PCH Malibu Venture LLC, which is reported not to be a Korean individual.
According to the real estate sales site Zillow, the property was initially listed for sale in November 2023 at $5.69 million. The price was lowered by $700,000 to $4.99 million in March this year, and three months later, it was further reduced by $945,000 to the final sale price of $4.05 million.
Kay Park of Dream Real Estate, the seller’s agent, explained, “The price was adjusted due to the mansion tax’s impact, a surge of high-priced listings, and high costs of home repairs and renovations.”
The house, built in 1950, features a total of 2,563 square feet of living space, including three bedrooms, three bathrooms, and a two-car garage. It is a typical Malibu beachfront house, located 61 feet from the shoreline.
Former Chairman Lee, along with Hong Kong-based Boa Youhan Development Corporation, jointly purchased the mansion for $4.8 million on April 27, 2007. Four years later, SM Innovative Amusement LLC, known to be 100% owned by SM USA, repurchased the property for $4.8 million.
In addition to this mansion, Lee is reported to own multiple properties in the U.S., including condos and wineries. He invested over $10 million, purchasing a mansion in Studio City for $2.8 million in 2011 and a downtown LA condo for $7.75 million in 2022.
BY EUNYOUNG LEE, YOUNGNAM KIM [lee.eunyoung6@koreadaily.com]
