Orange County mega-estate sold last for £14 million on an original asking price of £67 million offered for sale again for £43 million after death of owner
The largest residential estate on the Newport Coast of California is back on the market. One Pelican Hill Road North in Newport Beach – alternatively known as ‘Villa Del Lago’ or ‘Villa of the Lake’ – is a property with an extraordinary past and though listed on construction for £67 million in 2009, eventually sold at a fire auction in 2012 for just £14 million. Its subsequent owner, a Japanese industrialist and publisher, death has now resulted in it being placed for sale again and this time £43 million is sought.
Situated on a plot of 12.47 acres and comprising 17,706 square foot of ‘Italianate-style’ accommodation, One Pelican Hill Road North was last marketed as having 8 bedrooms and 17 bathrooms. On a new, dedicated marketing page for it, it is now being promoted as having, amongst other things, 2 screening rooms, a china/silver room, an “indoor lap pool with fibre optic twinkling star ceiling”, a 14-car garage and a “wine cave”. Outside, there is a “cascading private lake”, stabling, a riding ring, a putting green, an “organic edible garden” and potential for a vineyard.
Jeffrey Janger and Linda Janger of Pace Properties have the listing currently but given another agent, Michael Gosselin of Surterre Properties, previously commented: “Newport Coast has yet to see any homes sell for more than $20 million (£15.5 million)”, it’ll be likely there’ll be a few price cuts yet.
One Pelican Hill Road North – The Extraordinary Numbers
2003 – Land purchased for $3.2 million by Monarch Estates. Subsequent construction loans total $27.3 million.
February 2009 – Completed house placed for sale for sale for $87 million by a realtor named John McMonigle, the managing member of a partnership developing the project.
May 2010 – Price reduced to $57 million.
January 2011 – Three offers received, all were below $37 million and not accepted.
April 2012 – Offered at a court-sanctioned auction with “no opening bid sought”. Sold for $18.5 million to Toshiaki Ogasawara, an industrialist and publisher of the Japan Times.
January 2017 – Placed on the market after Ogasawara’s death in December 2016 for $55 million.
