By Erika Riggs, Zillow Blog
This time around, Howie Mandel chose to say “deal.”
The host of “Deal or No Deal” recently sold his Malibu home for $7 million, after the counterintuitive move of raising the price on it.
According to real estate agent Mike Gardner of Malibu Real Estate, Mandel learned quite a bit about brokering deals from his time on the show.
“Howie knew what price he wanted, held out for it, and got it … even if it took over two years,” Gardner wrote in a blog post.
In fact, Mandel was so confident about his Point Dume-area home, he raised the price by $500,000 in January — after 15 months on the market.
Located at 6950 Dume Dr, Malibu, CA 90265, the home was designed by architect Douglas Burdge to resemble a Nantucket-style estate with large windows and an indoor-outdoor living flow, all with incredible views of Santa Monica Bay. Inside, the 5-bedroom, 5.5-bath home is host to a number of details including hand-scraped wood floors, open beams and custom molding. The grounds include a large pool, grassy expanse and separate 1-bedroom, 1.5-bath pool/guesthouse.
Mandel bought the home for $3 million in July 2006 and completely rebuilt it in 2008. His price increase, notes Gardner, timed perfectly with a flurry of real estateactivity in the Point Dume area. There are currently 453 homes on the market in Malibu, and the area is seeing a generous uptick in home values, increasing 29.3 percent year-over-year.
Mandel’s listing was held by Matt Rapf of Pritchett-Rapf & Associates.
[Editor's note: This text has been updated to correct the sale price of the house and to clarify that Mandel rebuilt the home.]
More from Zillow:
• Leonardo DiCaprio Cuts Price on Malibu House
• Josh Groban’s Malibu Home Is for Sale
• Robert Redford’s Former Malibu Place for Sale