NBA legend Kevin Garnett’s former Malibu property is back on the market for $48 million, more than two decades after he purchased the prime Pacific Coast Highway estate for $6.4 million. The sprawling property, which Garnett acquired in 2003 during his Minnesota Timberwolves career, has since undergone a major transformation and is now being offered as a completed luxury residence.According to property records cited by Mansion Global, Garnett purchased the Malibu estate in 2003. The property overlooks the Pacific Ocean and sits directly above Escondido Beach, spanning nearly seven acres across three parcels.
Kevin Garnett bought the Malibu property for $6.4 million in 2003
NBA legend Kevin Garnett’s former Malibu mansion has been transformed into a $48 million luxury estate. (Photo: Simon Berlyn)
After purchasing the property, Garnett demolished the existing Mediterranean-style home and began developing a custom mansion. However, the project remained unfinished during his ownership.Garnett eventually sold the partially completed property in 2021 for $16 million to developer Ando Hacopian of Hacopian Design & Development Group. The transaction later became the subject of a legal dispute.As reported by The Real Deal, Garnett filed a lawsuit against Hacopian alleging fraud and subsequently sued the title and escrow companies involved in the transaction. Hacopian responded with a countersuit.The deal ultimately fell apart, and in 2022, Vladimir Valsky, CEO of VIG Private Lending and the senior lender involved in the transaction, took control of the property.
From unfinished mansion to $48 million luxury estate
From an unfinished mansion to a sprawling luxury estate: inside Kevin Garnett’s former Malibu property. (Photo: Simon Berlyn)
Rather than quickly sell the partially completed residence, Valsky decided to complete and significantly upgrade the property. He hired Swiss architect Roger Kurath to redesign and finish the home.“We acquired the property partially completed and saw the opportunity to finish the home the way a residence of this caliber demands,” Valsky said, according to Mansion Global.Kurath, who had not worked with Garnett on the original project, described the renovation as an extensive overhaul. “We took it down to the studs,” he said.The property has now been completed and christened “Vela”. It is being jointly listed by Chris Cortazzo of Compass and Aaron Kirman and Tomer Fridman of Christie’s International Real Estate Southern California.
Inside Kevin Garnett’s former Malibu estate
More than two decades after Kevin Garnett bought it, his former Malibu property is now worth a staggering $48 million. (Photo: Simon Berlyn)
The completed home spans approximately 11,000 square feet across three levels and features six bedrooms and eight bathrooms. The residence is set behind a long gated driveway off Pacific Coast Highway and offers sweeping views of the Pacific Ocean.The estate includes expansive entertaining spaces, a movie theatre, gym, wine cellar and a detached structure that can be used as a yoga studio. The resort-style grounds feature an infinity pool, pickleball court and approximately 50 avocado trees.
Kevin Garnett’s unfinished Malibu dream has finally been completed and it’s now on the market for $48 million. (Photo: Simon Berlyn)
One of the three parcels is also vacant and has its own address, giving the future owner the option of developing an additional substantial residence on the property.Listing agent Chris Cortazzo told Mansion Global that the additional parcel gives buyers the flexibility to expand the estate in the future.
Kevin Garnett’s career earnings and life after the NBA
Widely regarded as one of the greatest power forwards in NBA history, Garnett spent 21 seasons in the league and earned approximately $334 million in career salary. He retired in 2016 after returning to the Minnesota Timberwolves, the franchise where he established himself as one of the NBA’s most dominant stars.Since retiring from basketball, Garnett has remained active in the entertainment and sports industries. He operates production company Content Cartel Studios and cohosts the sports podcast ‘KG Certified’ with former teammate Paul Pierce.His legacy with the Timberwolves is also set to receive another major honour, with the franchise scheduled to retire his iconic No. 21 jersey in early 2027.
