Mark Cuban drops $19M on Laguna Beach home

Fresh off the sale of his movie theater chain, Landmark Theatres, Mark Cuban has purchased a brand-new oceanfront pad in Laguna Beach.

The Dallas Mavericks owner spent $19 million to acquire a Montage Residences home on the Montage resort grounds, the Orange County Registrar reported. It’s one of just 13 private homes on the posh property.

In addition to sweeping ocean views, the 7,900-square-foot home includes six bedrooms and eight bathrooms. There’s also a media room, wine cellar, gym and movie theater.

The property first hit the market in January asking nearly $26 million. At $19 million, however, the deal reflects one of the most expensive trades at the Montage resort.

John and Tyler Stanaland of Villa Real Estate had the listing. Tim Smith of Coldwell Banker represented Cuban.

Cuban also runs 2929 Entertainment, a media production company, and AXS Entertainment. He’s become a household name thanks to his role as a panel member on “Shark Tank.”

Earlier this month, he sold the 52-theatre Landmark chain to Charles Cohen, the billionaire real estate developer. Cuban co-owned the art house chain with investor Todd Wagner. The two had been trying to sell the Landmark for several years. [OCR] – Natalie Hoberman