Howard Marks, the cofounder and cochairman of Oaktree Capital Management, has built a career on smart investments. It’s no surprise, then, that he also makes wise choices when it comes to real estate.

The legendary investor, who has a current net worth of $2.2 billion, according to Forbes, has just listed his triple-lot oceanfront estate in Malibu for $38.5 million. Marks bought it as a vacation home with his wife, Nancy, in 2021 for $29.16 million, property records show. Before adding the house to his portfolio, he sold another property in the area for $75 million in 2013.

The Cape Cod-style residence was built in 1958 and sits on an acre of land behind a gated entry. It was originally designed by the late, great Californian architect Gerard Colcord and fully renovated over the last two years by interior designer Michael S. Smith, who notably decorated the White House for President Obama. Smith and Marks are actually friends, having worked together on multiple residential projects, including the billionaire’s colorful retreat in Mallorca.

Spanning just shy of 7,000 square feet, the oceanfront pad offers five bedrooms and seven bathrooms across two floors and seamlessly blends classic and contemporary features. The main living area is light and airy yet cozy, with oak flooring, a red-brick fireplace, and furnishings in vibrant shades of blue and mustard yellow. Folding doors open to reveal a lounge area on the wooden patio and postcard-like Pacific Ocean views.

Back inside, an open sunroom sits off to one side of the main living area, with the kitchen also nearby. It has a rustic, farmhouse feel, with terracotta tiling, barn-like doors fronting cabinetry, a butler’s sink, and a large island with a stone-crafted top. The primary bedroom is more nautical, though, thanks to a classic blue-and-white color scheme, striped bed linens, and bay windows that frame the waves. The two guest bedrooms are covered with decorative wallpaper featuring lemon vines and pink-hulled sailboats, while a second living area is decked out with a green-and-blue wallcovering.

RELATED: Orlando Bloom Is Selling His Ocean-View Home in Malibu for $12 Million

Outside, there is an alfresco dining space, a patio area, and a built-in grill for entertaining. A one-bedroom guest house, cabana, and hot tub also sit just a few feet apart on the landscaped grounds. One final perk: the pad has about 100 feet of beachfrontage, with stairs that lead directly to the exclusive Broad Beach.

Marks and his wife have homes in Los Angeles, New York City, and East Hampton, according to property records. They are selling this one to spend more time on the East Coast, The Wall Street Journal reports. Chris Cortazzo of Compass holds the listing.

Click here for more images of the Malibu residence.