Vast “Italian style” oceanfront mansion in Orange County, CA relaunched for sale for £42.7 million; it has failed to sell at prices as high as £53 million
An 18,000 square foot barn of a residence described as “the finest oceanfront home in SoCal” has been relaunched to the market this month at a price 20% lower than when it was first listed in 2013.
Built in what is somewhat ambitiously termed an “Italian palazzo style” and featuring Spanish tile roofing, five imported European fireplaces and “terrazzo flooring evoking those in The Getty Villa in Pacific Palisades”, 2585 Riviera Drive stands on an acre plot in north Laguna Beach’s private Irvine Cove community. It is one of twelve oceanside homes in a gated, 24-hour-a-day guarded community and enjoys “spectacular views” of the Pacific and access to a private beach.
Constructed to the designs of the Warner Group over a period of eight years and completed in 2010, the house offered occupies half of a larger plot owned until 2002 by Joan Irvine Smith, a woman whose family had at one time been the main landowner in the area. It features not only 5 bedroom suites and 9 bathrooms but also a screening room with bar, a 10,000 bottle wine cellar with tasting room and a 6-car garage with hydraulic lift.
Within the grounds stands a guest house that was designed to be “a scaled back replica of Philip Johnson’s Glass House in Connecticut” and a 53-foot brass and glass waterfall made from materials salvaged from a Los Angeles bank. There are also 100-year old olive trees, a rose garden and a pool with cabana and spa.
Owned by businessman Ronald K. Loder, the founder of RKL Consulting, and his wife Yolanda, 2585 Riviera Drive is for sale with Maxine Laube of Surterre Properties. Of it, in 2013, Mr Loder remarked:
“My wife and I love traveling to Northern Italy, particularly Bellagio and the lake country, where we’ve always admired the architecture… [But] I wouldn’t want [our house] to be construed as Tuscan in any way… Even though we built an Italianate palazzo, we wanted the flavor [sic] of mid-century design around us”.
“We wanted people to know they were stepping into an oceanfront property the moment they arrived”.
The Numbers – 2585 Riviera Drive, Laguna Beach
June 2002 – Land subdivided into three plots; 2585 Riviera Drive sold for sum of $10.5 million (the equivalent of £11.1 million, $14.3 million, €12.7 million or درهم52.5 million today).
July 2013 – Placed for sale for $65 million (the equivalent of £53 million, $68.2 million, €60.5 million or درهم250.6 million today).
May 2017 – Relaunched for sale for $55 million (£42.7 million, €49 million or درهم202 million).
