Hollywood producer Jack Giarraputo seeks $31.5 million for Malibu spread

Jack Giarraputo, the film producer who founded Happy Madison Productions with Adam Sandler, is hoping for another hit in Malibu. His 38-acre compound overlooking the Pacific Ocean is up for grabs at $31.5 million, records show.

If he gets his price, it’ll be the most expensive on-market sale the beach city has seen this year — beating out a Point Dume property that sold for $21.76 million in August, according to the Multiple Listing Service.

Known as Sweetwater Ranch, the coastal estate is found in Serra Retreat, a celebrity enclave that has lured Hollywood mainstays such as James Cameron and Kelsey Grammer. The parklike grounds are currently undeveloped but come with approved plans for a 12,000-square-foot modern mansion designed by Standard Architecture.

Renderings show the stylish home sprawling across its hillside perch with indoor-outdoor spaces, warm wood finishes and walls of glass. A second-story entertainer’s deck takes in views of the Pacific.

Down below, renderings show a spacious backyard with a tennis court, reflecting pool and 75-foot infinity pool. The property’s lower plateau spans five acres and comes with plans for equestrian facilities such as a barn, riding arena, stables and pastures.

After producing “Happy Gilmore” and “Billy Madison,” Giarraputo founded Happy Madison Productions with Sandler in 1999. In the decades since, the company has generated more than $4 billion at the box office with films such as “Little Nicky,” “Joe Dirt,” “Click” and “Grown Ups.”

Tracy Tutor and Gina Dickerson of Douglas Elliman hold the listing.