Update: Karen Pankow, the ex-wife of trombone player James Pankow of the band Chicago, has sold her Malibu estate for $3.5 million.
The nearly 6,500-square-foot contemporary Mediterranean, which sits on about 1 1/2 acres, has been the site of events for more than 100 guests. Known as Castillo del Mar, the ocean-view property includes a lap pool and a detached guesthouse.
Inside the main house, built in 1993, are an elevator, a home theater and a 600-square-foot circular master bedroom with a wet bar and fireplace. There are a total of six bedrooms and 6 1/2 bathrooms.
Karen Pankow, for whom James Pankow wrote the '70s love song "Just You 'n' Me," bought the property in 1998 for $1,745,000, according to public records. The Pankows divorced in 1993.
Irene Dazzan-Palmer and Sandro Dazzan of Coldwell Banker, Malibu Colony, had the listing and also represented the buyer, according to the Multiple Listing Service.