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Mobile Home Sells for $1,060,000 in Malibu

I read this morning that a mobile home sold for $1,060,000 in a Malibu mobile home park. See this blog post.

Malibu, like Santa Cruz, Sequel etc.,  is one of the many cities with a rent control ordinance that allows park residents to benefit (at the expense of the park owner) when selling a mobile home that would otherwise sell for 1/5 the true market price because of an imposed low space rent.

Thanks Malibu for helping yet another poor defenseless park resident sell their $1.06MM home. What a joke.