David Geffen, the legendary entertainment mogul, has sold his oceanfront residence along Malibu’s beautiful Carbon Beach neighborhood for a record-breaking $85 million. The beach property boasts a swimming pool and spa, a theater, a gym and an outdoor living room with fireplace.

Dubbed “Billionaires Beach,” Carbon Beach is Malibu’s most exclusive beach front. Well-heeled neighbors include Paul Allen, Larry Ellison, Jeffrey Katzenberg and Joel Silver.

Westside Estate Agency’s Kurt Rappaport, the agent on the deal, declined to comment on who purchased Geffen’s Malibu estate.