Are moguls leading the charge in Malibu home buying? Home prices rise

Malibu has long been a playground for moguls, with billionaires Larry Ellison and Jeffrey Katzenberg vying for spots along coveted Carbon Beach.

Film and television celebrities seem to prefer gated Malibu Colony and the security of a 24-hour guard.

Among Westside communities, Malibu is distinct in that it is primarily a second- (or third or fourth) home community among the wealthy, who maintain in-town residences close to studios and business hubs.

PHOTOS: Expensive things Ellison has bought

Hit by sluggish turnover during the housing downturn, the coastal community has seen some record-high priced sales since the first of the year.

Last year, 259 single-family homes sold at a median price of $2.035 million. That was a 23.3% price increase from 2011.

Condos also caught the upswing with 87 selling last year at a median of $550,000. That was a 13.3% price jump from two years ago.

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