Malibu is the perfect blend of laid-back beach life and stupendous luxury, and if there is one home that captures this distinct spirit, it’s the Wave House. The famed abode just hit the market for the first time in 36 years.

Perched right on the California coast, the Wave House was designed to resemble a giant wave at peak strength.

“The property is an iconic masterpiece in Malibu, admired and envied by the community and architectural enthusiasts,” says Dena Luciano, who is the home’s listing agent at Douglas Elliman, alongside Chris Cortazzo and Zen Gesner, of Compass, and Drew Fenton, of Carolwood Estates.

The home’s $49.5 million price tag matches the stunning home’s scale.

The waterfront enclave is iconic in and of itself. Leonardo DiCaprio and Lady Gaga call it home. Miley Cyrus, Don Henley, Joni Mitchell, and Courtney Love have all written hit songs about this pocket of paradise—just 30 miles from Los Angeles but a world away.

The Wave House was designed in the 1950s by architect Harry Gesner, who rose to fame creating masterpieces from his surfboard. As the story goes, Gesner would gather inspiration for his designs after surfing sessions near his own California home.

In fact, Gesner’s 1970s abode, known as Sandcastle, is also on the market—next door, in fact!

Gesner designed the home for his friend and fellow surfer Gerry Cooper in the 1950s, and the owners who followed were musical royalty: Rod Stewart in the 1970s and, more recently, Mo Ostin, the record genius behind the success of The Kinks and Jimi Hendrix.

The six-bedroom, eight-bath home is on a .7-acre lot and just a few steps across pristine, white sand to the roaring Pacific Ocean.

Built in 1963, the 6,451-square-foot house was built in 1963 and is lauded as a midcentury modern masterpiece. Its interior design showcases the abundant California sunshine.

“As soon as you step inside, this home takes your breath away,” Luciano says. “It is awe-inspiring while simultaneously evoking a sense of relaxation. The striking architecture combined with the surrounding natural beauty of the location create a truly remarkable experience for those who have the opportunity to explore the property.”

The home features two distinct levels. On the lower level, right by the ocean, are three enormous, vaulted rooms and a primary suite with a hot tub and sauna. On the upper level, there are five bedrooms spread across the width of the property, offering breathtaking views of the pounding surf.

Sunken conversation pits swirl around a central fireplace. And hand-cut, copper shingles on the roof resemble the scales of a fish, glinting in the air, as it crests and jumps over the water’s surface.

The Wave House reveals Gesner’s unique attention to architectural elements, including wood-plank ceilings, gleaming hardwood floors, and floor-to-ceiling glass walls.

A landscaped patio is particularly inviting, and a separate garage and guesthouse offer additional bedrooms and a private space for visitors. The dwelling was clearly built with hospitality and entertaining in mind.

One of the home’s most distinctive features is the series of overlapping circles that serve as wraparound decks. The shape mirrors the surf, offering an enormous space for outdoor living.

“With its unique design and captivating atmosphere, the Wave House stands as a testament to the artistic vision of architect Harry Gesner and its enduring appeal in the real estate market,” Luciano says.

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