A sprawling compound owned by Public Storage heiress Tammy Hughes Gustavson has hit the market in Malibu. Nestled on a picturesque 3.6-acre blufftop parcel directly overlooking the Paradise Cove beach, and offering more than 200 feet of ocean frontage, the place is asking a substantial $127.5 million, as was first reported by The Wall Street Journal.

Records show the estate was previously owned by Gustavson’s late father B. Wayne Hughes, a lifetime trustee of USC who co-founded Public Storage in 1972 and died in August 2021 at age 87. Hughes paid just over $20 million back in 2003 for property, which is showcased by a nearly 11,000-square-foot main house boasting eight bedrooms and 12 baths, plus two guesthouses — all offering sweeping coastline and ocean views via walls of glass and expansive terraces.

The spread rests directly south of two neighboring parcels owned by tech billionaire Jan Koum. The WhatsApp co-founder paid $100 million for NBCUniversal vice chairman Ron Meyer in 2019, and subsequently doled out $87 million to acquire “Real Housewives of Beverly Hills” star Diana Jenkins’ funicular-equipped compound right next door.

Gustavson’s primary residence remains in Lexington, Kentucky, where she owns Spendthrift Farm, the racehorse-breeding ranch that produced 2017 Preakness Stakes winner Cloud Computing. She currently serves on the self-storage company’s board and is a major shareholder; per the Bloomberg Billionaires Index, her net worth is estimated at around $8 billion.

As for her Malibu residence, the Mediterranean-style stucco and terracotta-roof structure is hidden away behind a lengthy gated driveway and was built in 2001. A formal foyer flows into the two-story main house, which is highlighted by a formal living room sporting a floor-to-ceiling fireplace, built-in bookshelves and two sets of French doors opening to the outdoors, along with a dining room and movie theater.

A gourmet kitchen equipped with a wraparound island and high-end stainless appliances connects to a breakfast nook that spills out to a covered al fresco dining area. Upstairs, four ensuite bedrooms include a sumptuous master retreat sporting a fireplace, custom walk-in closets and a private terrace, as well as a luxe bath.

In addition to the main home, there’s also the aforementioned pair of guesthouses — one of which rests atop a three-car garage, and comes with two ensuite bedrooms and a kitchenette, and another that’s being used as a gym/yoga studio. Separate staff quarters with a kitchen can be found just off the garage, with the grounds also hosting a tennis court and winding pathway leading down to the beach.

The listing is held by Jade Mills of Coldwell Banker Realty.

Now that she’s presumably moved into her elegant new Austin home, Emma Stone no longer needs her previous main residence. Newly available for sale and asking just under $4.3 million, that midcentury ranch-style house sits atop a bluff in the Malibu hills, where it’s blessed with spectacular ocean views from a birds-eye perch directly above Las Tunas Beach.

Stone picked the Malibu property up in 2018, paying about $3.3 million. Originally built in 1958, the home had been renovated just prior to the “Cruella” and “La La Land” star’s purchase by its former owners, who had the picturesque property featured in the Cottages & Gardens magazines.

Those former owners also remodeled the kitchen, adding high-end stainless appliances and stone countertops, and gave the entire house a thorough whitewashing, with creamy white walls and ceilings throughout.

Today, the property looks much the same as it did when Stone bought the place, save for some minor decor changes. The most dramatic alteration Stone made appears to be the front door, which has been painted a deeper shade of blue. There’s still a large brick terrace that overlooks the ocean, and the property is surrounded by native eucalyptus and yucca trees, plus colorful patches of blue agave and jade.

The house is on the small side, particularly as A-list celebrity residences go, with three bedrooms and two baths in just under 1,800 square feet. Still, the mostly open floorplan is airy and spacious. It’s also flooded with natural light, thanks to floor-to-ceiling windows and multiple skylights throughout. The two guest bedrooms share a single full bathroom, while the ocean-view primary bedroom has a smaller bathroom all to itself. Eric Lavey of Sotheby’s International Realty holds the listing.

In addition to her new Texas mansion and the for-sale Malibu house, Stone also maintains a posh New York City apartment and a relatively humble bungalow in L.A.’s Westwood neighborhood, the latter of which has long been occupied by her mother.

Note: while tax records and the MLS show the house measures in at under 1,800 square feet, the floorplans reflect slightly over 2,000 square feet of living space. We’re guessing that discrepancy might be due to the two-car attached garage, which has been quasi-converted into a game room/office area/recreation space.