Billionaire Chad Richison Picks Up Superbly Situated Malibu Retreat for $26.5M—Nearly Half Original Ask

Billionaire Chad Richison Picks Up Superbly Situated Malibu Retreat for $26.5M—Nearly Half Original Ask

Published: January 9, 2021 | By: American Luxury Staff

Paycom CEO Chad Richison is the buyer of Il Pelicano, the dramatic, Mediterranean-inspired Malibu beach house that was a labor of love for previous owners Liz Edlich, founder of Radical Skincare, and attorney husband Dale Kinsella, who transformed the property into a personal trophy residence. According to Variety, Richison paid $26.5 million for the property, which sits on a bluff overlooking a particularly private corner of the coastal community, and comes with access to two beaches. The sale closed in October of 2020. The sale reflects a significant discount over the initial ask of $57.5 million which dates back nearly three years.

Il Pelicano was a decade in the making, and began as a modest summer cottage. Purchased in the mid-1990s by Edlich and Kinsella, the property was transformed into a house of wood, stone, glass and tile. The materials used to express the three-bedroom house are frequently reclaimed or sourced as antique; the spot was designed to look like a historical residence on the Amalfi Coast.

The property’s driveway begins with a set of stone pilasters and retaining walls, with the existing flora retained for landscaping giving the property a sense of regional authenticity and timelessness. A water feature distinguishes the entryway, with antique double doors giving way to interiors that boast custom tile, groin-vaulted ceilings, antique light fixtures, reclaimed beams and floors, and aged and carved surfaces.

A narrow walkway with a solid glass balustrade follows the contour of the location, providing thrilling water views of a property that has carved a very private living style out of one of the most popular spots in Malibu.

Richison’s net worth is around $3 billion.

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