Fred Sands buys in Malibu for $14.7 million

January 31, 2013|By Lauren Beale

Businessman Fred Sands has purchased a beach house in Malibu for $14.7 million. ( )

Real estate businessman Fred Sands has purchased a newly built beach home in Malibu for close to its asking price of $14.7 million.

The sellers are Tom Mendoza, vice chairman of NetApp, and his wife, Kathy, who has served as sales director and an operations director at the data management firm.

Kathy Mendoza spent three years working on the house, bringing in roof tiles from an Italian convent and importing the teak windows from Italy. Her current project is a castle restoration in Crete.

The contemporary Mediterranean features a courtyard entry, limestone and white oak floors, a floating-style staircase, five bedrooms, 5.5 bathrooms and 6,300 square feet of living space.

Sands sold the independent brokerage that bore his name in 2000 to Coldwell Banker. He heads Vintage Capital Group and Vintage Real Estate, which acquires and reinvents troubled malls. His main residence is in Bel-Air.

The Mendozas paid $8.303 million for the Malibu property in 2004, public records show.

Irene Dazzan-Palmer and Sandro Dazzan were the listing agents. Marcus Beck of Prudential California Realty's Malibu office represented Sands.