Biz News: 2 Corona del Mar homes owned by James Irvine’s heirs sell for $55 million

Two homes in Corona del Mar associated with Orange County’s influential Irvine family have sold for a combined $55 million.

The homes on about 3½ acres at 401 and 415 Avocado Ave. were owned by heirs of James Irvine, whose Irvine Ranch once encompassed some 100,000 acres in the county.

The Irvine family founded the Irvine Co. real estate development firm.

One of the homes, known as the “Big Blue House” for its Bermuda blue paint job and white roof, was built in the 1930s.

The Big Blue House has four bedrooms, about 3,500 square feet and wide views of Newport Harbor and the Pacific Ocean.

The other home, built in 1987, is about 7,000 square feet and has six bedrooms.

The listing agent was Rob Giem of luxury real estate firm Compass, which has a Newport Beach office. The buyer, a private partnership, was represented by Kim Walker of Surterre Properties in Newport Beach.

A pool house at 2137 Bayside Drive, down the bluff from the Big Blue House, that was once part of the Irvine family’s holdings was not involved in the sale, according to the Orange County Register. That property, dubbed the “Big Blue Pool House,” was sold in 2012 for $12 million.

Last year, Giem sold Twin Points, a 2.3-acre property in Laguna Beach known for its landscaped headlands that stretch out to the Pacific. That transaction was for $45 million, an Orange County record for highest price for a single home.

That record would fall if a 12.5-acre Newport Coast property on the market for $55 million sells for that price. The home at 1 Pelican Hill Road North has eight bedrooms and 17 bathrooms.

Newport man acquires aviation company

Newport Beach resident and aviation entrepreneur Mike Manclark has acquired Western Avionics and rebranded the company Leading Edge Avionics.

Western Avionics, founded in 1970, has provided “everything from autopilot, navigation, GPS installation and troubleshooting to in-house bench repair of avionics equipment,” according to a news release.

Leading Edge Avionics is based at John Wayne Airport.

Manclark founded Leading Edge Aviation Services, based in Costa Mesa, before leaving the company in 2013.

“I’ve been incredibly passionate about the aviation industry for over 30 years and I’m excited to bring that same passion to Leading Edge Avionics as we embark on an exciting new trajectory for the company,” Manclark said in a statement.

Marni Market makes U.S. debut at South Coast Plaza

Marni, an Italian luxury brand for clothing, shoes, handbags, accessories and jewelry, is offering its first Marni Market in the United States through Aug. 16 in Jewel Court at South Coast Plaza in Costa Mesa.

The temporary market displays a wide range of products, including hand-woven PVC furniture pieces and toys, striped cotton totes, colorful espadrilles, fresh flowers and home accessories. A portion of the proceeds will support the Festival of Children Foundation, a Costa Mesa-based nonprofit.

Other Marni Markets have been held in Paris, Milan, Tokyo, Hong Kong and Beijing, according to South Coast Plaza.