The billionaire CEO of Paycom just paid $26.5 million for a beachfront Malibu mansion that took 12 years to build and blends into the rocks. Take a look inside.

December 29, 2020

The billionaire CEO of Paycom just paid $26.5 million for a beachfront Malibu mansion that took 12 years to build and blends into the rocks. Take a look inside.

malibu beach house paycom ceo — The previous owners bought the beachfront property in 2000 and spent 12 years building their dream home.
Douglas Elliman

Paycom CEO Chad Richison, just paid $26.5 million for a secluded Malibu estate that sits right on the beach, James McClain first reported for Dirt, a luxury real-estate news site.
Richison bought the home from attorney Dale Kinsella and skincare company founder Liz Edlich, who picked up the property in 2000 and spent 12 years building the beach house, per Dirt.
The 3,800-square-foot home, which has three bedrooms and five bathrooms, is built right into the rocks on the edge of the water.
Richison's new neighbors include Lady Gaga and Red Hot Chili Peppers bassist Flea, Shawn Elliott of Nest Seekers International, who co-brokered the sale with Douglas Elliman, told Business Insider.
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Chad Richison, the CEO of payroll technology company Paycom, just paid $26.5 million - the full asking price - for a secluded Malibu beach house, Dirt reported.

The home, known as Il Pelicano, boasts a secluded location on the beach that sets it apart from the nearby homes above on the cliff, Shawn Elliott of Nest Seekers International, who co-brokered the sale with Douglas Elliman, told Business Insider. (Shirley Sherman of Douglas Elliman, who also held the listing, declined to comment.)

"This is really the epitome of luxury," Elliott said of the home. "You can be in anywhere in this house. You can be in the South of France, the Cote d'Azur, and you wouldn't know it. This house is just a piece of heaven. I think that's why it went for full price."

Richison, who's worth $3.6 billion according to Forbes, bought the property from Radical Skincare CEO Liz Edlich and attorney Dale Kinsella, who paid $2 million for the property in 2000 and spent 12 years building the beach house, according to Dirt.

Look inside the Paycom CEO's new home.

Chad Richison, the CEO of Paycom, paid $26.5 million for his new beachfront mansion in Malibu, as Dirt first reported.

Richison, who's worth $3.6 billion according to Forbes, also owns homes in Edmond, Oklahoma, and Florida's Marco Island, according to Dirt. Richison founded Paycom, which provides payroll and human resources services, in 1998 and took the company public in 2014.

Earlier this month, the CEO told Forbes that he had signed the Giving Pledge, the campaign for wealthy individuals to donate half their wealth to charity that was started by two of the world's richest men, Warren Buffett and Bill Gates.

A spokesperson for Richison's company did not immediately respond to Business Insider's request for comment for this story.

The previous owners, Radical Skincare CEO Liz Edlich and attorney Dale Kinsella, paid $2 million for the property in 2000 and spent 12 years building the beach house, according to Dirt.

"To their credit, this couldn't have been an easy build and I'm sure it cost them millions of dollars to build it," Elliott told Business Insider. "... I think it was probably very difficult to part with it, but I think they moved on."

Edlich and Kinsella did not immediately respond to Business Insider's request for comment.

The Il Pelicano house sits close to the water, secluded from the neighboring homes up on the cliff.

Neighbors include Red Hot Chili Peppers bassist Flea, Lady Gaga, and Michael Milken, the former financier and "junk bond king" who President Trump pardoned earlier this year, Elliott told Business Insider.

The 3,800-square-foot home sits on a little over half an acre.