A 16-acre Malibu estate that once belonged to Teodoro Nguema Obiang, the son of Equatorial Guinea’s president, has entered another extraordinary chapter. The property was bought for $30 million in 2006, later surrendered in a U.S. corruption settlement, and sold for $93.5 million in June 2026, according to Celebrity Net Worth and the U.S. Department of Justice. A new report cited by Celebrity Net Worth links the latest buyer to the family behind luxury fashion brand Chrome Hearts.The estate, located at 3620 Sweetwater Mesa Road in Malibu’s gated Serra Retreat community, overlooks the Pacific Ocean, Malibu Lagoon and Surfrider Beach. Its value has risen dramatically since the 2006 purchase, but its ownership history remains one of the most unusual in California real estate
A lavish purchase in 2006
Teodoro Nguema Obiang, commonly known as Teodorín, bought the Malibu mansion in April 2006 through a company called Sweetwater Malibu LLC. At the time, he was serving as Equatorial Guinea’s agriculture and forestry minister and reportedly earned less than $100,000 a year in his official government role.The purchase raised immediate questions because the $30 million price was vastly beyond his official income. The U.S. Department of Justice later alleged that Obiang had used his government position to amass more than $300 million in assets through corruption and money laundering.The mansion was only part of a much larger collection. Obiang was also known for owning a $38 million private jet, rare Ferraris and Lamborghinis, expensive artwork, a Paris mansion and millions of dollars in Michael Jackson memorabilia.The Malibu property itself was guarded by personnel from Equatorial Guinea, some of whom reportedly carried automatic weapons. The security arrangements added to the sense that the estate was not simply a luxury home, but part of a much larger international controversy.
The U.S. corruption settlement
In October 2014, the U.S. Department of Justice announced a civil forfeiture settlement requiring Obiang to relinquish more than $30 million in assets purchased with corruption proceeds. The assets included the Malibu mansion, a Ferrari and various pieces of Michael Jackson memorabilia.Under the agreement, Obiang was required to sell the Malibu estate, with $20 million of the proceeds going to a charitable organization for the benefit of the people of Equatorial Guinea. Another $10.3 million was forfeited to the United States, with funds to be used for the benefit of the Equatoguinean people to the extent permitted by law.The settlement was part of the Justice Department’s Kleptocracy Asset Recovery Initiative, which aimed to recover assets allegedly obtained through foreign corruption and prevent such proceeds from remaining hidden in the United States.The case also required Obiang to disclose and remove other assets he owned in the United States. It further stipulated that if certain assets, including a Gulfstream jet, were ever brought into the country, they could be subject to seizure and forfeiture.
A rapid flip and legal fight
After the settlement, Obiang and the U.S. government selected luxury real estate broker Mauricio Umansky to handle the sale. Umansky, founder of The Agency and known to television audiences through his marriage to Kyle Richards of The Real Housewives of Beverly Hills, arranged a discreet transaction with developer Mauricio Oberfeld.The sale closed in June 2016 for a recorded price of $33.5 million, though later litigation described a $1 million repair credit that effectively lowered the price to $32.5 million. Oberfeld and his partners then invested heavily in renovations, with property records identifying a $26 million construction trust deed tied to the redevelopment.Just nine months later, in March 2017, the group sold the mansion for $69.9 million. That was more than double the original purchase price, and it set the stage for a lengthy legal dispute involving the original seller, Umansky, his business partners and another potential buyer.The litigation centered on allegations that Umansky failed to disclose information about another buyer’s willingness to pay more for the property. Umansky and The Agency denied wrongdoing, saying the sale was handled properly and that the mansion sold above its appraised value. The remaining claims were settled in December 2023, avoiding a civil trial.
The latest $93.5 million sale
The estate was later owned by Malibu LaMalibu SA, a company registered in the British Virgin Islands and linked in reporting to Hong Kong heiress Karen Lo. That entity remained the recorded owner until the most recent transaction.On June 11, 2026, the property sold for $93.5 million, according to PropertyShark transaction data cited by Celebrity Net Worth. That is $23.6 million more than the $69.9 million sale in 2017, an increase of nearly 34 percent over nine years.The buyer was not initially disclosed. In November 2026, luxury real estate publication North Hillcrest reported that the buyer was the Stark family behind Chrome Hearts, although public property records do not independently identify the individual buyer.Chrome Hearts was founded by Richard Stark in 1988 and has become a major luxury brand known for silver jewelry, leather goods, sunglasses and gothic-inspired fashion. The company has remained largely family controlled, with Stark and his wife, Laurie Lynn, continuing to lead the business alongside their children.
A growing Malibu portfolio
The reported purchase is not the Stark family’s first major Malibu investment. In 2017, Richard and Laurie Lynn paid $38.5 million for a 2.8-acre compound in Paradise Cove, and they later bought another Malibu home for $7.25 million.In November 2025, Chrome Hearts also purchased the Surfrider Hotel in Malibu for $37.5 million. The 20-room boutique hotel sits along Pacific Coast Highway, overlooking Surfrider Beach and the Malibu Pier.With the reported $93.5 million mansion acquisition, the combined purchase prices of the Paradise Cove estate, the Surfrider Hotel and the Sweetwater Mesa property reach $169.5 million. That figure underscores how deeply the family has invested in Malibu real estate.
A property with a complicated past
The Malibu estate’s journey reflects more than a simple rise in value. It began with a $30 million purchase by a government official whose salary could not plausibly support such spending, moved through a federal corruption settlement, then passed through a high-profile flip and years of litigation.Now, nearly two decades later, the property has sold again for $93.5 million. The latest reported buyer connection to Chrome Hearts adds another layer to the story, but it does not erase the estate’s unusual history.For Malibu, the sale is another example of the area’s extreme luxury market. For the people of Equatorial Guinea, however, the earlier settlement remains a reminder that even assets purchased with alleged corruption proceeds can be recovered and redirected toward public benefit.
