Oceanfront Land Sold for $5 Million

One of the most coveted oceanfront residential parcels in Orange County sold for around $5 million last month--and that’s essentially just for the dirt. Although there are several older dwellings on the Laguna Beach property and zoning allows seven estates, sources say the buyer just wanted the land to build his own personal compound.

County records list the buyer as a Groves family trust. Sources say that trust is controlled by Gary Groves, the retired chief executive officer of Redlands-based Pacific Physician Services. The 3.7-acre parcel is one of the few remaining Orange County properties with so much beach frontage. It is in the Paradise Cove area of Laguna Beach just north of Three Arch Bay.

Its private yard extends from Coast Highway to the ocean. There’s a pier, a winding road to the beach, and a saltwater swimming pool on the sand built out of rock. The property was sold by a family that had owned it since 1923. They were represented in the deal by CSI International in Newport Beach.

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Melinda Fulmer covers real estate for The Times. She can be reached at (714) 966-7832.