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 executive Jerry Perenchio, the city has announced.

The sale will be of 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 of 18.48 acres located at Pacific Coast Highway and Heathercliff Road for $18.2 million. The parcels are located in commercial zones.

The funding scheme for the sale will involve floating bonds, securing Measure R funds 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.

Since Perenchio’s death last year at age 86, some of his real estate holdings, such as an eight-parcel portfolio comprised of about 71 acres in Malibu, have hit the market.

Real estate reporter Ciaran McEvoy can be reached at [email protected] or (323) 556-8337.