James McClain Less than two months after he downsized to a $7.5 million cottage in the exclusive Malibu Colony gated community, the Red Hot Chili Peppers’ iconic Michael “Flea” Balzary has sold his other Malibu property, this one a much larger compound in the Encinal Bluffs region of the city, set on 2.1 clifftop acres.
The sublimely-situated spread went for exactly $20 million in an all-cash, off-market deal, per records.Flea bought the estate in 2006 for about $9.9 million, and subsequently attempted to unload the property from 2009 until 2011 at a variety of asking prices that began at $13.7 million and dropped all the way to below $9.5 million.
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