He plans to build a gated community on the site

Fresh from listing an $80 million spec mansion in Malibu, developer Scott Gillen has purchased a 24-acre parcel of land in the area for $50 million—the priciest Malibu land deal ever, as The Real Deal reports.

The bluffside tract is located just northwest of the exclusive Malibu Colony community and boasts some stellar, unobstructed ocean views. It also comes fully entitled for the development of a guard-gated community with five single-family homes.

That’s right, just five homes nestled on huge multi-acre lots.

Not surprisingly, Gillen is hoping to bank quite a profit on the development of these residences. He tells The Real Deal he hopes to list them for between $40 million and $60 million a piece.

To ensure the homes have that certain je ne sais quoi that the ultra-rich crave, Gillen has recruited architect Richard Landry to help him design the homes. The developer and noted megamansion designer will have plenty of space to work with. According to information from the listing, the homes will range in size from between 9,500 to 11,500 square feet, while lots will be as large as 5.78 acres.

Gillen tells The Hollywood Reporter that the homes will each have “the same feeling and vibe but with different shapes,” and that the residences “will all scream ‘architecture.’”

Construction on the five-home community, which has been dubbed the Case, is expected to be complete by 2020.

Source: http://feeds.feedburner.com/CurbedLA