Luxury Malibu Hilltop Neighborhood Faces Collapse As Four Homes Remain Unsold

Four of the five homes in a luxury Malibu hilltop neighborhood billed as America's most expensive new development remain unsold, the New York Post reported. The enclave, known as the Case, is now on the verge of collapse. Real estate agents blame the ego of the developer for the failure to sell the properties. [1]

According to the New York Post, developer Scott Gillen paid 50 million dollars in 2017 for the 24-acre ocean-view parcel. The purchase set a record for undeveloped land in Malibu, as reported by The Wall Street Journal. Gillen planned five sleek mansions inspired by California midcentury Case Study Houses, intending to sell them for prices ranging from 40 million dollars to 100 million dollars each. [1]

The developer is now involved in a bitter bankruptcy fight with his financial partner, the New York Post reported. Together, Gillen originally hoped the five mansions would sell for hundreds of millions of dollars. [1]