Ukrainian tycoon finds buyer in Malibu

21808 Pacific Coast Hwy, Malibu and Vadim Shulman (Zillow, World Jewish Congress)

A Ukrainian tycoon and leading cultural figure has found a buyer for a splashing Malibu rug.

The property, located at 21808 Pacific Coast Highway – on the famous stretch of sand known as “Billionaire’s Beach” – signed a contract on Friday, according to listing sites. It had recently been listed at $ 50 million.

It wasn’t clear what the price of the pending sale would be, but anything near the $ 50 million list figure would represent a big score for seller Vadim Shulman, a Ukrainian national who is among the most influential oligarchs in the country. country.

Cooper Mount, a broker with The Agency who had the list, did not immediately respond to a request for comment.

Shulman bought the property for $ 25 million in 2014, according to property records, and previously listed it for $ 44 million in 2019.

In a neighborhood teeming with luxury properties, the 6-bedroom, 9,500-square-foot PCH estate fits in perfectly. The contemporary-style two-story mansion has 150 feet of beach frontage and a nearly 4,000 square foot deck with pool length; other amenities include a movie theater, aquarium accent wall, multiple fireplaces, a wine cellar, and the largest home spa ever licensed in Malibu, according to an earlier listing.

Shulman was one of the many private citizens who made their fortunes after the fall of the Soviet Union. As a young man, he trained as a mining engineer, according to the media; From the early 1990s, as Ukraine, Russia, and its other former satellite states struggled with the dissolution of formal ties and alliances, Shulman grew into a powerful businessman, building a portfolio that extends to the mining, chemical, energy and telecommunications industries, according to to a short profile 2017 by the Organized Crime and Corruption Reporting Project.

Shulman, who holds Ukrainian, Israeli and Russian nationalities, is also a notable Ukrainian Jewish cultural figure. He funded various projects in Kiev and Jerusalem, including a synagogue and a school, and chaired the Ukrainian Tennis Foundation, according to media reports. In 2011, he was elected president of the Euro-Asian Jewish Congress, an advocacy group. He resides in Monaco, media reported.

In recent years, the businessman has also been implicated in an explosive embezzlement case linked to a now closed Pennsylvania steel plant. Shulman accused two of his old friends and business partners, including Ihor Kolomoisky, of defrauding him out of millions. Kolomoisky, among Ukraine’s richest and most powerful men, surfaced amid the Donald Trump impeachment scandal and last year faced U.S. sanctions for alleged money laundering that s ‘has spread to billions.

Malibu has seen many ultra high-end luxury deals throughout the pandemic. The enclave recorded California’s most expensive residential sale in October, when fashion director Serge Azria sold his mansion to tech investor and entrepreneur Marc Andreessen for $ 177 million.

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