James McClain Billionaire tech entrepreneur Chad Richison, the founder and chief executive of payroll processor Paycom and one of Oklahoma’s richest men, has paid a discounted $26.5 million for an idiosyncratic Malibu property that was originally listed at $57.5 million when it first appeared on the market, about 2.5 years ago.
Locally known as Il Pelicano, the Tuscan-style house sits on a small rocky knoll just above the beach, with steps leading down to the sand.The sellers, skincare entrepreneur Liz Edlich and trial attorney Dale Kinsella, bought the property in 2000 for just $2 million.
The secluded estate featured little more than a bedraggled beach shack atop the rocks at that time. Over the next 12 years, the couple received permits.
Read more on variety.com