Update: A $68 million sale in Malibu

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Update: The following correction ran in the L.A. Times on Friday March 7: ‘FOR THE RECORD: Daly Riordan property: The March 2 Hot Property column in the Real Estate section reported that Nancy Daly Riordan’s house on Carbon Beach had sold for a Malibu record-breaking price of $68 million. In fact, the house has not been sold. The story also reported that the home has more than 200 feet of beach frontage. Property records indicate it has 180 feet of beach frontage.’

Here’s the previous incorrect item as it ran:

News item: Ruth Ryon’s Hot Property reports that Nancy Daly Riordan (pictured), the estranged wife of former L.A. Mayor Richard Riordan, has sold a Malibu beach house for an estimated $68 million. ‘It is believed to be the highest-priced home sale in Malibu, dwarfing the sale last year of the former Johnny Carson estate at $35 million.’

‘The 12,785-square-foot house, which stands out from its neighbors because it is so large, sits on slightly more than three lots with more than 200 feet of beach frontage along exclusive Carbon Beach -- also known as ‘Billionaires Beach.’ The mansion, built in 2002, has eight bedrooms, seven bathrooms and a tennis court.’

More: ‘The buyer was described as ‘a rich Canadian’ by area real estate agents.’

Analysis: An item like this isn’t so much about real estate as it is about two other subjects: the concentration of wealth and the weakening of the dollar. The last couple of decades have produced new breeds of wealthy, super-wealthy, and the obscenely wealthy. Those fortunate enough to have made their wealth outside of the United States can now buy American property and businesses at a discount.

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Photo Credit: L.A. Times