Sea Lane Drive Estate

Justifying the sky-high sticker is the fact that the estate sits on 6.6 acres of some of the most-coveted Southern California real estate, boasting roughly 340 feet of ocean frontage with direct beach access. Add to that, the Spanish Colonial-style main house sprawls over almost 17,000 square feet, is ringed by 10-to-20-foot-high walls and comes with its own two-bedroom guest cottage

For some, though, the estate's true appeal is its vantage point. "What really sets it apart are those astonishing views, from Palos Verdes to Point Dume and across to Catalina Island," Lisa Loughlin, listing broker with Sotheby's International Realty, tells Robb Report. "At night, with all the shimmering lights along the coast, there's a reason they call it the Queen's Necklace."

Burton and his ex-wife Helen Musk reportedly bought the estate back in 2012 for $36.5 million from the estate of computer industry pioneer and Intel founder, Max Palevsky. Palevsky had acquired the huge Paradise Cove lot, stretching from the Pacific Coast Highway to a high bluff overlooking the ocean, back in 1974 and completed his dream home a year later.

According to Sotheby's Laughlin, the Burtons invested well over $5 million in upgrades and renovations after their purchase, using well-known Malibu architect Doug Burdge of Burdge and Associates to mastermind the makeover. Work included demolishing walls to open-up room and adding walls of glass and oversize windows to make the most of the jaw-dropping views.

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