Newport Coast property sells for $30.6 million
In what is so far the most expensive real estate sale of 2023 in Orange County, an undisclosed buyer has purchased an estate in Newport Coast for $30.6 million in a transaction that closed Jan. 4.
The property, located at 1 Pelican Crest Drive, sits on a 31,651-square-foot lot behind gates. It features seven bedrooms, eight full bathrooms, three half bathrooms, a chef’s kitchen, dual offices, a main floor guest suite, a foyer, a private gated circular motor court, a 13-seat movie theater, wine cellar, entertainment bar and lounge, dance studio, gym and massage room in addition to other amenities like its “resort-style” pool, elevator and a seven-car garage.
It also features details like onyx slab flooring and Cristalo slab counter tops.
At three stories high, the home encompasses 13,437 square feet.
Most notable are the property’s expansive views, which stretch to San Clemente Island, Catalina Island and Palos Verdes, according to listing agent Paul Daftarian with Luxe Real Estate, who held the listing alongside agents Michael Balliet and Jenn Chen. Compass agents Rob Smith and Michael Franco represented the buyer. Compass declined to comment on the sale.
“The view, I can’t tell you enough. A view is normally beautiful and it makes you feel good, but the views from this house make you emotional,” Daftarian said Thursday. “You can see all the rolling hills of the golf course [of Pelican Hill Resort], the actual coastline ... it’s three or four views in one.”
The property had been listed for close to a year, initially priced at $45 million.
“We strategically priced [this property] on the higher side. It’s a trophy lot and probably is one of the best single lots. It’s one lot, oversized, ... has some of the most breathtaking views, but we knew we had to price it high to make the buyer feel like they were getting a good deal,” Daftarian said. “We had no idea we were heading into a transition market with interest rates doubling and buyer sentiment changing.
“Recession wasn’t even a word we thought of when we listed the property. It was like when you’re going to the beach, expecting it to be sunny and then it’s stormy. Stormy isn’t bad, but you’re used to the sunshine.”
Of the pie-shaped lot, Daftarian noted that it was uniquely situated to be extremely private. From either the yard or the house itself, neighbors can’t be heard, he said.
“People who want to buy a home of this caliber, they want the best,” Daftarian added, noting that the gross cost of the sale, which included some of its furniture, was around $33.9 million — the highest gross on-market sale in Pelican Crest.
According to Zillow, other properties in that neighborhood were valued from $8.1 million to $19.4 million. Realtor.com reports houses sold in Newport Coast tend to average $5 million for a listing price, with the average sale closing at around $3.3 million.
Still, 1 Pelican Crest Drive is a far cry from one of the most expensive properties being sold in Newport Coast. Another property at 46 Deep Sea, whose listing is still active, was listed at $62 million, and 6 Midsummer, also still active, is listed at $69.8 million. The all-time price record in Orange County was set in Newport Coast with the sale of a $61-million mansion in 2020.
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