Can a Home in the Hills Go for $22 Million?

It’s said that it would be the most ever paid for a house in Orange County--if owner Michael P. DeAngelo can get the $22 million he’s asking. The house has 10 bedrooms, 15 bathrooms, a wine cellar, a disco, a racquetball court, two tennis courts, a television room with 10--count ‘em, 10--TVs, and a fitness room where you can have the whole gang over to work out on 18 Nautilus machines.

DeAngelo, chairman of the Clothestime Inc. chain in Anaheim, wants to sell the house in order to move closer to the beach, says his real estate agent.

The 38,000-square-foot house sits on 26 hilly acres in Tustin Hills, 7 of those acres flat after the builder sheared off the top of a hill to construct the residence.

“If it were on just 7 acres in Beverly Hills, I could sell it tomorrow for $40 million,” says the agent, Bruce Nelson of the Asher Dann brokerage in Beverly Hills.

But will it sell for $22 million in somewhat less flamboyant Orange County?

“The water’s never been tested like this in Orange County,” says Nelson. “But there’s a lot of wealth there. I think we’ll be able to get it because of the greatness of this parcel.”