Malibu Wave House sells for US$20m less than asking price

The Wave House in Malibu, designed by architect Harry Gesner in the late 1950s, has recently sold for $29.5 million, significantly lower than its original asking price of $49.5 million. The six-bedroom residence, known for its unique wave-like roof, took over a year to sell. Its most recent owner was Mo Ostin, a prominent record executive who passed away in 2022. The house has a rich history, having been occupied by musician Rod Stewart in the 1970s. There is a popular belief that Gesner's design inspired Jørn Utzon's Sydney Opera House, as both architects were working on their respective projects during the same period. Zen Gesner, Harry's son, noted that Utzon had reached out to his father, complimenting him on the Wave House and acknowledging its influence on his own work. However, this connection has never been definitively proven. Despite the intriguing link between the two designs, Harry Gesner himself downplayed the similarities in his writings, emphasizing that inspiration comes from a multitude of sources rather than direct imitation. Utzon won the design competition for the Sydney Opera House in 1957, while Gesner's Wave House was completed in 1963, a decade before the Opera House's opening. The sale of the Wave House reflects the challenges in the luxury real estate market, where properties can take considerable time to sell, especially when listed at high prices. The significant reduction in the sale price highlights the current market dynamics and the potential difficulties faced by sellers in achieving their desired valuations.