Don Hankey is a business magnate who originally became a billionaire by offering auto loans to clients suffering from credit challenges. However, his business interests have expanded in recent years, and he now has companies in sectors including real estate, software, and insurance. Hankey was the biggest creditor for an estate called ‘The One,’ which is a mega-mansion designed and built by Nile Niami. At one point, the luxurious estate was once on the market for a staggering $500 million. However, the property’s price tag has since dropped significantly. According to Forbes, Hankey’s net worth is approximately $3.2 billion. Despite his wealth, the billionaire businessman tends to keep a low profile. However, he has recently attracted attention by expanding his already sizeable real estate portfolio.
Hankey already owns various properties in Malibu. The main residence of Hankey and his wife, Debbie Bowles, is a sprawling mansion in Paradise Cove, Malibu. The couple bought the estate from singer and actress Olivia Newton-John in 2005. They also own a multi-acre vineyard estate in Malibu, which is close to Zuma Beach. Furthermore, the couple owns properties elsewhere in California. One such property is a mansion in the mountains of Beverley Hills. They bought the mansion from John Fogerty for $18.6 million. The businessman has now bought a property on Carbon Beach, which is often referred to as Billionaire’s Beach due to the luxurious properties that line that strip of coastline and because the residents are some of the wealthiest in California. Don Hankey has reportedly paid $20.8 million for his Carbon Beach estate.
An Overview of Don Hankey’s Purchase
Hankey’s new home is in Carbon Beach, Malibu, and it is next door to a residence owned by Larry Ellison. The 9,715-square-feet house was built in 1949, and it sits on a 0.49-acre plot. It is a five-bedroom, nine-bathroom home. Considering the $20.8 million value of the property, it has a rather unusual appearance that makes it stand out from neighboring houses. It is not necessarily what most people would consider an attractive property, and from the Pacific Highway, the structure looks more like a commercial warehouse than a residential dwelling. By the roadside, there are three vacant storefronts sitting side-by-side, which is a misleading frontage for what lies behind. Beyond the storefronts, there are multiple other structures, including a mid-century main house, a pool house, and three guest apartments.
Although there is a multitude of ways in which it is possible to use the buildings, it is currently unknown what Don Hankey intends to do with the estate. However, it is known that the real-estate listings outlined the potential for replacing the existing structures with a contemporary mansion. Therefore, there is the possibility that the billionaire will simply demolish the existing structures and create something new in their place. Regardless of his intentions, Hankey has made a sound real estate investment as the structures are in one of Malibu’s most expensive and coveted areas. So, whatever he decides to do, he will have the potential to make a profit.
Inside the Main Midcentury House
Currently, the mid-century main house that comes with the lot is outdated. If Don Hankey chooses to retain the current structures, then he will need to renovate and refresh the property throughout to make it more visually appealing and bring it up to date. However, there are some positive features of the interior that are worth retaining, such as parquet wood floors, high ceilings, and two kitchens. An elevator connects the two floors, although there is also an open staircase. On the main level, there is a huge great room. Most of the great room is consumed by a living room with a large fireplace. However, there is a dining area and one of the two kitchens on one side of the room. There are floor-to-ceiling windows leading from the great room to the terraced area at the rear of the main house.
One of the most impressive rooms in the house is the second-floor master retreat. It boasts floor-to-ceiling windows that overlook the Pacific Ocean. According to Dirt.com, the master retreat also has a separate sitting area with a fireplace. A den-like second sitting room is partially sectioned-off from the great room, and this is a more private and relaxing space. Although small, the white walls and glass doors make the room seem light and airy. Further living space is available in a sunroom that overlooks the terrace and one of the outdoor swimming pools.
The Grounds of the Carbon Beach Property
As there are several structures sitting on the plot, the outdoor space seems significantly less than just under half an acre. However, for its location, the outdoor space is generous. The outdoor space is all to the rear of the property, and it mainly consists of a vast tiled terrace. The terrace has several features that make it a perfect space for entertaining guests, relaxing in the sunshine or alfresco dining. Some of these include two outdoor swimming pools, both of which have in-built spas, a firepit, a sunken seating area, a second seating and dining area, and a poolhouse. At the end of the terrace is a glass and metal wall that separates the grounds from the walkway that runs alongside the beach. The use of glass means that the views of the beach and the Pacific Ocean are uninterrupted. While there are not acres of grounds to explore and enjoy at this property, its beachfront location means that Hankey or whoever lives at the property can enjoy the outdoor space every day. There is direct beach access, so it is possible to take a dip in the ocean within seconds of leaving the house. It is the proximity of the house to the beach and the ocean that makes the house and additional structures so special and valuable.