Just a few months after listing his oceanfront Malibu residence, billionaire investor Howard Marks is offering a pair of neighboring vacation villas on Mallorca’s coveted Formentor peninsula. The Oaktree Capital Management cofounder and his wife, Nancy, have owned La Posada and Sa Punta for more than a decade, using the adjoining properties as holiday retreats.

Located near the recently reopened Four Seasons Resort Mallorca at Formentor, the two homes are being offered together for 62 million euros (about $70 million) or separately, with La Posada priced at 46 million euros (about $52 million) and Sa Punta at 16 million euros (about $18 million).

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The Marks acquired La Posada, the larger of the two villas, in 2014 and undertook a complete renovation spearheaded by acclaimed American designer Michael S. Smith, who is known for being selected by Barack and Michelle Obama to redesign the White House’s private quarters. Smith has worked with the Marks family for more than two decades, collaborating on several projects, including their Malibu home. According to the Wall Street Journal, the friendship between Marks and Smith eventually led the pair to Mallorca, where what began as a vacation evolved into an extensive renovation that celebrates the island’s traditional architecture and craftsmanship.

Dating to around 1940, La Posada is the more traditional of the two residences, spanning about 14,200 square feet on more than two acres overlooking Pollensa Bay. The seven-bedroom main house is joined by a two-bedroom guesthouse and staff quarters, while handcrafted tiles, custom finishes, and expansive terraces reflect Smith’s colorful take on Mediterranean design. A swimming pool and a private bathing platform with direct sea access complete the waterfront setting.

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Sa Punta offers a distinctly more modern expression. The 6,700-square-foot, six-bedroom villa is wrapped in glass to maximize sea views, with multiple lounges arranged around an open-plan living space, along with a glass elevator. Elsewhere are a fitness area and a sun terrace with a pool and spa.

Both La Posada and Sa Punta are available through Engel & Völkers Private Office.

Click here to see more photos of the water-view homes.