Lionsgate Motion Picture Group co-chairman Patrick Wachsberger has purchased a three-bedroom home in Malibu for $4.37 million.
The property, which is located in Malibu Cove Colony, a private, gated community, boasts 2,948-square-feet and was listed for $5.2 million and hit the market in June 2011. The deal closed May 14.
The oceanfront property on Malibu Cove Colony Drive features a large deck, gourmet kitchen and a cedar sauna. Listing agent Patricia Hodson of Sotheby’s International Realty said in an e-mail that the house, constructed in 1978, was “allegedly built by a member of the Shah [of Iran’s] family and no expense was spared.” Wachsberger, a former co-chairman of Twilight studio Summit Entertainment, was named co-chairman of Lionsgate’s motion picture group in January when Summit was purchased for $412.5 million. He has long been considered one of the top international film executives and sales agents in Hollywood.