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Ukrainian tycoon Vadim Shulman sold his oceanfront Malibu, Calif., estate for a whopping $40 million last month ahead of the escalating Russian conflict.
The six-bedroom, 10-bathroom modern marvel had been on the market for over two years at that point, only to score a buyer for $10 million less than he was initially asking for on January 14.
Shulman, 41, purchased the 9,500-square-foot residence for $25 million — which means the Ukrainian national, who ranks among the country’s most influential oligarchs, is still walking away with a hefty chunk of change as tensions between Ukraine and Russia continue.
Grant Cardone, the social media sensation and bestselling author who primarily lives in Florida, purchased the home from Shulman as a vacation getaway.
Cardone, 63, told The Real Deal, he felt like he “stole this house,” for the bargain he was able to get on the home.
“We live on the best beach in Miami,” Cardone said. “And now we’ll have this other property in California and we’ll spend five or six months — we’ll probably spend three to four months there.” He noted that it would most certainly be less than six months to avoid residency taxes.
The Cape Cod-inspired mansion is situated on the Pacific Coast Highway in Malibu’s upscale Carbon Beach community nicknamed Billionaires Beach.
With 150 feet of beachfront views, the residence has been pegged as an architectural marvel with interiors that include Aremberg hardwood floors, a gourmet kitchen, formal dining room, and floor-to-ceiling glass doors that flow onto the 3, 800-square-foot oceanfront deck.
Amenities include a state-of-the-art media room, library with an aquarium accent wall, and a wine cellar.
It also has a two-lane lap pool and Malibu’s largest home spa ever permitted, according to the previous listing.
Cooper Mount and Sandro Dazzan with the Agency held the listing.
Meanwhile, Shulman — who heads the Euro-Asian Jewish Congress since 2011, and has a business portfolio that includes mining, energy and telecommunications — was one of many private citizens who made a fortune after the fall of the Soviet Union.
Shulman also holds Israeli and Russian citizenship. He has financed various projects in Kiev and Jerusalem, including a synagogue and a school, and has served as the chair of the Ukraine Tennis Foundation.
In 2020, the businessman found himself wrapped up in an explosive embezzlement case related to a now-shuttered Pennsylvania steel mill. Shulman accused two of his former friends and business partners of defrauding him out of millions.