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Business Insiderby Katie WarrenDec. 30, 2020
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Chad Richison, the CEO of payroll technology company Paycom, just paid $26.5 million — the full asking price — for a secluded Malibu beach house, Dirt reported.
The home, known as Il Pelicano, boasts a secluded location on the beach that sets it apart from the nearby homes above on the cliff, Shawn Elliott of Nest Seekers International, who co-brokered the sale with Douglas Elliman, told Business Insider. (Shirley Sherman of Douglas Elliman, who also held the listing, declined to comment.)
"This is really the epitome of luxury," Elliott said of the home. "You can be in anywhere in this house. You can be in the South of France, the Cote d'Azur, and you wouldn't know it. This house is just a piece of heaven. I think that's why it went for full price."
Richison, who's worth $3.6 billion according to Forbes, bought the property from Radical Skincare CEO Liz Edlich and attorney Dale Kinsella, who paid $2 million for the property in 2000 and spent 12 years building the beach house, according to Dirt.
Richison, who's worth $3.6 billion according to Forbes, also owns homes in Edmond, Oklahoma, and Florida's Marco Island, according to Dirt. Richison founded Paycom, which provides payroll and human resources services, in 1998 and took the company public in 2014.
Earlier this month, the CEO told Forbes that he had signed the Giving Pledge, the campaign for wealthy individuals to donate half their wealth to charity that was started by two of the world's richest men, Warren Buffett and Bill Gates.
A spokesperson for Richison's company did not immediately respond to Business Insider's request for comment for this story.
"To their credit, this couldn't have been an easy build and I'm sure it cost them millions of dollars to build it," Elliott told Business Insider. "... I think it was probably very difficult to part with it, but I think they moved on."
Edlich and Kinsella did not immediately respond to Business Insider's request for comment.
Neighbors include Red Hot Chili Peppers bassist Flea, Lady Gaga, and Michael Milken, the former financier and "junk bond king" who President Trump pardoned earlier this year, Elliott told Business Insider.
A significant portion of the two-story home's square footage is made up of outdoor space.
