Malibu Seaside Estate Purchased By Former Gap CEO For $42 Million
Glenn Murphy's name will probably forever be associated with clothing retailer Gap, where he served as chairman and CEO from 2007 to 2014. Murphy currently serves as CEO of FIS Holdings, a consumer-focused investment firm. He and his wife Stacey are well-known philanthropists, donating millions to Notre Dame men's basketball and mental health causes.
In a little-known gated community on Malibu's western end, Murphy paid just over $42 million earlier this year for an oceanfront mansion owned by retired businessman Joseph Alibrandi and wife Tunny. In summer 2021, the home was listed for $56.5 million before being reduced to $50 million before being sold to Murphy this past February. Additionally, they maintain a $10 million contemporary mansion in Toronto as their primary residence.
On three levels, Murphy's new vacation home has five bedrooms and seven bathrooms. Located on a gated 1.2-acre lot consisting of 10 parcels — all overlooking about 281 feet of oceanfront — the impressive stucco and terracotta-roof structure was built by the Alibrandis in the 1990s, and is complete with luxurious amenities — including an elevator, a game room, a gym, and a wine cellar with tasting room — plus seamless indoor-outdoor space thanks to the glass walls.
The home's front door opens into a grand entrance hall with a paved motorcourt and a three-car garage attached. The expansive living room features clerestory windows and a barrel-vaulted ceiling, along with a fireplace and elevated dining area flanked by a walk-in bar. Another feature of the home is a cozy two-way fireplace in the family room and breakfast nook, connecting to a gourmet kitchen with high-end stainless appliances and a long eat-in island.
The suites upstairs offer ocean views, and the master bedroom on the main floor boasts a fireside sitting area, designer showroom closet, and luxurious bathroom with dual vanities, a soaking tub, and glass-encased shower; and the picturesque grounds feature a wraparound terrace ideal for al fresco entertaining and relaxing, along with a stylish kitchen, a fire pit, hot tub and an outdoor shower. Also on the property is a grassy lawn with room for a pool and a staircase to the beach.