History of Malibu
Many associate Malibu with the rich and famous, but have you ever wondered how this beautiful city, home to RE/MAX ELITE, came to be? In 1892, the Rindge family purchased 13,000 acres of land in Malibu for roughly 300,000 dollars, and over time increased their acreage to 17,000. However, due to financial and legal issues, in 1926 the Rindge family began offering valuable Malibu beach lots to entertainment stars of the day. Frontage could be obtained for thirty dollars per month on a ten-year lease. After the leases were fulfilled, these entertainment stars had the option of purchasing this pristine Malibu beachfront property. Some of the early stars to fall in love with Malibu were Barbara Stanwyck, Clara Bow, Ronald Coleman and Gloria Swanson. In the late 1930’s approximately 140 homes were recorded as built in Malibu and in 1938 the average home price was 1,000 dollars.
In December 1940, due to continued tax assessments and legal pressure, the entire Rindge estate went up for sale – leaving more of Malibu for the taking. Within six years, over eighty percent of the Rindge property was sold and by 1940, the Malibu Colony had gradually developed, but the majority of homeowners were solely summer-residents. Ever since the 1920’s the Malibu Colony became and remains world famous as ‘the beach retreat’ for movie, television, and music stars, along with other wealthy personalities from the entertainment, sports, and business world. If you are interested in learning more about the Malibu lifestyle and real-estate please contact RE/MAX ELITE Malibu at (310) 456-5888, or stop by our office located at Pacific Coast Hwy, Suite 210, Malibu, CA 90265.
Post By: Mason Everist