Malibu home sells for record $110 million

MALIBU, Calif. (KABC) -- If you were stunned when the Playboy Mansion sold last year for $100 million, brace for impact: A Malibu home on appropriately named Billionaire's Beach just sold for $110 million.

The 6,934 square foot mansion was owned by Peter Morton, known as one of the cofounders of the Hard Rock Cafe.

Natural gas billionaire Michael Smith agreed to buy the home. The price breaks down to nearly $16,000 per square foot. It's the most expensive home sale in Los Angeles County.

Smith will now be the neighbor of Oracle founder Larry Ellison, who owns properties on both sides of the mansion.

Meanwhile, a Bel Air mega-mansion is still waiting for a buyer. The 38,000 square foot, 12-bedroom home went on the market last year. Asking price: $250 million.