Don't know if these are actually 4-star, but in Malibu, you have Gladstone's and, I think, Moonshadows. Those are pretty close to the water. Nobu is down in Malibu (of course, that is very $$$), but don't know how close to the ocean it actually is.
I have heard of some folks going to Shutters on the Beach in Santa Monica (a hotel) and eating at the hotel, so I imagine that is a very nice place to dine.
I like spending a day in Avalon (Catalina) and eating dinner at one of the waterfront restaurants at Sunset. Again, not 4-star places, but nice and good food.