What Hollywood Will Pay to Be in Malibu: Anything

Top rental fetches $150K per month
By Caroline Zimmerman,  Newser User
Posted Mar 24, 2008 10:00 AM CDT

(Newser) – US real estate is hurting, but the top price for a beachfront summer rental in Malibu hit $150,000 this year. The area is flush with homes valued at or above $10 million—a bracket unaffected by the housing slump. And Tinseltown's elite is happy to pay. "Recession? What recession?" one Malibu real estate agent asked the Los Angeles Times.

Malibu in season offers more than just a chance to rub elbows with Paris Hilton at the grocery store. It's also where the entertainment industry seals big deals and publicity firms cough up $300,000 security deposits for McMansions to throw celebrity-studded corporate bashes. But noise complaints are pushing the city council to put a four-times-per-year cap on events over 100 guests.