The Malibu City Council has approved the purchase for $42.5 million of three parcels of land owned by the Malibu Bay Co., the company once owned by the late Univision Communications Inc. executive Jerry Perenchio.

The city last week announced it will acquire 9.65 acres located at 23575 Civic Center Way for $21.1 million; 1.11 acres located at Civic Center Way and Webb Way for $3.2 million; and 18.48 acres located at Pacific Coast Highway and Heathercliff Road for $18.2 million. The parcels are located in commercial zones.

Funding for the sale will involve floating bonds; securing Measure R funds, which are designated for transportation projects; and taking money out of Malibu’s general fund reserve, according to Matt Myerhoff, the city’s media information officer.

The City Council directed Malibu’s city attorney, Christi Hogan of the Best Best & Krieger law firm, to negotiate a purchase-and-sales agreement for the land.

Perenchio died last year at age 86, and some of his real estate holdings – the recent sale appears to have been made from an eight-parcel portfolio comprised of about 71 acres in Malibu – have hit the market.