The glass, steel and concrete structure by contemporary architect Ed Niles incorporates elements of the traditional design philosophy and the symbolism of the lucky No. 8
4 min
A contemporary home designed with Feng Shui principles in Malibu that once asked $57.5 million will be auctioned in June.
The architectural home lies on the Pacific Coast Highway in Western Malibu, a surf spot known for its pristine beaches and celebrity owners. Concierge Auctions, which is handling the sale, expects bidding to open between $10 million and $19 million.
The long, narrow lot is about four-fifths of an acre and boasts 75 feet of private beachfront. Owner Wei-Tzuoh Chen, a California-based nephrologist, purchased the property in 2003 with his wife, Carrie Chen, for around $2.25 million. They originally intended to knock down the existing house and develop four condo units but then decided to keep the location for themselves as a vacation property.
“I’ve lived in many beachfront houses in different parts of Southern California, but this is the finest sandy beach I’ve ever seen,” he said, distinguishing it from places where the water comes right up to the house during high tide.
The couple spent over six years building an 8,206-square-foot glass, steel and concrete residence with Malibu architect Ed Niles, who Chen said “spoke to his taste as a contemporary, not modern, architect.”
A native of Taiwan, Chen wanted to incorporate elements of Feng Shui into Niles’s signature futuristic design, inspired by the Guggenheim in New York City and the Broad in Los Angeles.
“I wanted a mini-museum in which to display my collection of Chinese antiques in a futuristic setting,” he said.
The property was previously listed in March 2023 at $57.5 million by Madison Hildebrand, president and CEO of the Malibu Life Team (and star of Bravo TV’s “Million Dollar Listing Los Angeles”), along with Jennifer Chrisman of Compass, Wendy Wong of Treelane Realty Group and Katherine Quach of Treeline Realty & Investment. The agents are collaborating with Concierge Auctions, which will launch the auction on its online marketplace in mid-June. It is currently listed at $42 million.
The residence juxtaposes organic with geometric shapes; curved and straight lines mingle inside and out.
As shown in an aerial photo, it consists of a series of circles, semi-circles, triangles and rectangles. “There are basically eight different-shaped structures in a configuration,” Chen said, explaining that the number eight symbolises good fortune in Chinese numerology.
Integrating Feng Shui elements was accomplished in numerous ways.
“Feng means ‘wind,’ and the idea is to have air flowing throughout,” Chen said. “Based on a survey of the site, Niles designed it so that when you open the door on the ocean side, the breeze will circulate into every area of the house.”
He added that the architect also designed the house around the sun’s movement, capturing the ever-changing light via over 45 custom skylights. “The architectural perspective of the house shifts every minute of the day.”
Feng Shui also refers to the flow of movement, which starts from the street-side security gate, where a short driveway descends to the house below. “The concept of the Chinese home is to be unassuming from the front and then to provide a wow factor when you walk inside,” he explained.
Steps lead down to the glass-walled entrance with a soaring steel-paned glass ceiling. This spills into a cavernous space framed by massive architectural concrete walls and a floating bridge overhead. Two expansive sets of built-in stairs lead in different directions—one connects with a floating staircase to an upper level. The other flows into the ground floor living area and kitchen, with views to the horizon on two sides. A wall of frameless glass doors opens onto the back patio and an outdoor dining area.
Two separate upper-level spaces—one rounded, the other a triangle—jut out over the patio, creating covered sitting areas below. The round space comprises the primary suite, featuring a wood-panelled sleeping area and a marble bathroom with a cylindrical Japanese stainless-steel tub overlooking the ocean. A 50-foot bridge and short flights of stairs lead to three more bedrooms with private decks.
“Every split level has its own wing with an en-suite bedroom, so they are private with no shared walls, and everyone gets to take advantage of the view,” Hildebrand said. “The guest house is separate with its own private outdoor space.”
Two marine-coated red steel sculptures in the back play on the shapes and number themes. One is an immersive red triangular sculpture that doubles as an enclosure for a small dining table; the other is a humanistic red figure-eight piece. Chen confirmed that both are part of the sale, as is a larger-than-life green butterfly sculpture at the entrance.
Inlaid rectilinear stepping stones cut a diagonal across the lawn to the sandy beach, bordered by large rocks. Although it is technically open to the public, Hildebrand said it is not easily accessible or widely known.
Beyond the interiors, the outdoor entertaining spaces—counting an in-ground fire pit with stone crescent benches—can accommodate up to 100 guests. Six uncovered parking spaces are available in addition to a two-car garage.
“It also has a tide pool where you can see sea urchins, mussels and other marine life on the rocks in ankle-deep water at low tide, which is also very rare here,” Chen said. “That’s the reason I chose this lot over others. It’s such a unique location.”
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Rugged coastal drives and fireside drams define a slow, indulgent journey through Scotland’s far north.
A haven for hedge-fund titans and Hollywood grandees, Greenwich is one of the world’s most expensive residential enclaves, where eye-watering prices meet unapologetic grandeur.
Australia’s wealthy class is expanding fast, and Knight Frank says that a surge in billionaires is reshaping the nation’s luxury property market.
3 min
Australia’s luxury property market is being quietly reshaped by one of the most significant wealth expansions in the world.
According to Knight Frank’s latest Wealth Report, the country’s billionaire population is set to grow by 77 per cent over the next five years, rising from 48 to 85 individuals.
That surge sits within a broader wave of wealth creation. Ultra-high-net-worth individuals, those with more than US$30 million, are forecast to increase by nearly 60 per cent to over 26,000 Australians by 2031.
Globally, the pace is accelerating. The report reveals that 89 new ultra-wealthy individuals are created every day, a figure that underscores a structural shift in capital formation rather than a cyclical upswing.
For luxury property markets, this is not just a headline number. It is a demand driver.
Australia’s wealth story is increasingly underpinned by diversification across resources, finance, technology and services, creating a depth of private capital that is both mobile and strategic.
And mobility is key. The ultra-wealthy are no longer tied to a single market. Instead, they are operating across multiple global hubs, maintaining footholds in cities like London, New York and Singapore, while using Australia as a stable base.
In this environment, real estate becomes less about shelter and more about positioning. Trophy assets remain desirable, but capital is increasingly being deployed across the full risk spectrum, from long-term holds to value-add opportunities. For Australia, the implications are clear. As wealth expands, so too does the expectation of product, and the locations that can attract it.
The billionaire effect
While property remains central to wealth preservation, the latest data shows that capital is increasingly spreading across luxury asset classes, albeit with a more disciplined approach.
Knight Frank’s Luxury Investment Index recorded a modest 0.4 per cent decline in 2025, signalling a stabilisation phase after several years of correction.
But beneath that headline number is a more telling shift. Collectors are moving away from speculative buying and toward assets defined by rarity, provenance and cultural significance.
Impressionist art led the market, rising 13.6 per cent, buoyed by landmark sales including a US$236 million Klimt painting. Watches also performed strongly, up 5.1 per cent, driven by continued demand for brands like Patek Philippe and Rolex.
At the same time, more volatile categories have corrected. Whisky values fell 10.9 per cent, while parts of the fine wine market have softened following pandemic-era highs.
Perhaps the most notable trend is behavioural. Younger investors are entering the market through fractional ownership platforms, gaining exposure to high-value assets that were once out of reach.
For property, the parallels are clear. The same focus on scarcity, narrative and long-term value is increasingly shaping buying decisions at the top end of the residential market.
Global wealth
The growth in billionaires is not just increasing demand, it is changing where that demand is directed.
In Australia, Brisbane has emerged as one of a handful of global cities experiencing rapid change in its luxury positioning. The city’s transformation is being driven by infrastructure investment and the 2032 Olympics, with top-end apartment prices rising from around US$6 million to more than US$10 million in just 12 months.
Luxury price growth has remained steady, with Brisbane rising 2.1 per cent in 2025, while the Gold Coast recorded 2.8 per cent.
At the same time, buying power is tightening. US$1 million now buys 5 per cent less in Brisbane than it did five years ago, reflecting the upward pressure on prime markets.
The trend is not confined to capital cities. Regional lifestyle markets are also capturing attention. Geelong’s waterfront has been identified as one of the world’s hottest luxury residential markets, driven by a combination of coastal amenity, infrastructure and relative value.
In these markets, pricing is no longer the sole driver. Lifestyle, accessibility and long-term growth are increasingly shaping buyer decisions, particularly among globally mobile wealth.
Alternative luxury assets
Beyond residential property, high-net-worth individuals are continuing to diversify into alternative assets that combine lifestyle and investment potential.
One of the most compelling examples is vineyard investment. Knight Frank’s Global Vineyard Index highlights the Barossa Valley as one of the best-value wine regions globally, where US$1 million can secure more than 18 hectares of land.
Despite a 10 per cent decline in land values over the past year, the broader outlook remains positive, particularly as the global wine industry shifts toward premiumisation.
This “trading up” trend is seeing consumers favour higher-quality, provenance-driven wines over mass-market products, reinforcing the long-term appeal of established regions like the Barossa and Eden Valleys.
For investors, the appeal lies in the intersection of lifestyle and capital preservation. Vineyard assets offer not only production potential, but also a narrative — something increasingly valued in a market where experience and authenticity carry weight.
