Hot Property: Wells Fargo alleged party house in Malibu sells for $14.9 million

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The Malibu beach house that was at the center of a Wells Fargo public relations storm has sold after nearly 11 months on the market.

Cheronda Guyton, a senior vice president for commercial properties, was accused last year of using the multimillion bank-owned home to entertain friends and family and subsequently fired.

The house, which sold for $14.95 million, was valued at $12 million in May 2009 when its owners surrendered the home to Wells Fargo. The couple had been Bernard L. Madoff fraud victims.

The 3,800-square-foot contemporary in the exclusive gated community was first listed at $21.5 million but had been reduced to $18 million.

Chad Rogers of Hilton & Hyland, Beverly Hills, had the listing, according to the Multiple Listing Service. Rogers also represented the buyer.

-- Lauren Beale

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