Billionaire's Malibu Home Sells for Record $75 Million

Billionaire investment manager Howard Marks 9.5-acre Malibu estate has been sold for up to $75 million to a Russian billionaire couple, according to reports.

The sale of the home, which boasts 300 feet of beach, eight bedrooms and 14 bathrooms, was made in an off-market deal, the Wall Street Journal reported.

Marks and his wife Nancy purchased the home in 2002 for $31 million from Herbalife Founder Mark Hughes, according to the WSJ.

The $75 million sale price is among the highest ever paid in the United States for a home, and the most expensive Malibu real estate transaction.