Tamara Gustavson — daughter of B. Wayne Hughes, the late self-storage titan who donated a record $400 million to USC — is asking $127.5 million for her prized Malibu estate.

It’s a massive sum, and one that showcases the dramatic surge of Southern California’s luxury market since the turn of the century. Records show Hughes bought the property for $20 million in 2003.

At $127.5 million, it’s the fourth-priciest property on the market in L.A. County, but in a community as affluent as Malibu, all bets are off. Venture capitalist Marc Andreessen redefined the market last year when he paid $177 million for a Malibu compound, and former Disney Chief Executive Michael Eisner is currently shopping around his home a few miles away for $225 million.

Gustavson’s place offers a rare combination of size, scale and location. It spans 3.5 acres on a bluff above Paradise Cove and descends via private path to 208 feet of beach frontage. The compound includes a main house and two guesthouses that combine for eight bedrooms and 11.5 bathrooms across nearly 11,000 square feet.

A gated driveway winds its way toward the two-story main house, passing a tennis court along the way. Built in 2001, the Mediterranean-style spot takes advantage of the oceanfront setting with pocketing walls of glass in nearly every living space.

There’s a formal foyer, a chandelier-topped dining area, a tiered movie theater and a chef’s kitchen with a U-shaped island. Patios extend outside on the main level. Upstairs, a terrace wraps around the home’s backside.

Grassy lawns and towering hedges separate the main house from the guesthouses — one of which adds a voluminous wood-and-glass space with a gym and yoga studio.

The sale profits would be a drop in the bucket for Gustavson, who owns an 11% share of Public Storage and has a net worth of $7.6 billion, according to Forbes.

Jade Mills of Coldwell Banker Realty holds the listing.