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Historic home becomes O.C.’s 4th priciest sale
May 12th, 2008, 6:14 pm · 13 Comments · posted by Jeff Collins
A group of investors with “an international perspective” bought the house built by a former Irvine Co. boss on the promontory overlooking the entrance to Newport Bay, listing agent Rob Giem said. Quatre Saisons Real Estate LLC sees the Corona del Mar home it bought for $27.1 million (just below a $28 million asking price) as a bargain investment that will appreciate over time.
“They’re very bullish on property in this area,” said Giem, a high-end agent with HÔM Real Estate Group. “They think demand for the best-of-the-best will increase.”
Myford Irvine built the 20,000-square-foot “Hale O Pau Hana” house in 1958, intending to use it as his personal estate. Irvine, who ran the Irvine Co. from 1947 to 1959, died shortly before the triangle-shaped residence with a huge great room, 19-foot-high ceiling and spectacular bay views was completed. It has been home to technology executives Wendy and Rick Aversano since 2000, county records show. The Aversanos equipped the home with two lines for full-motion video conferencing so he could run telecommunications businesses in Florida and New York, Giem had said in 2005.
Giem said he showed the home just 11 times since it went on the market nearly three years ago, limiting showings to qualified buyers. More than half of those who saw it made an offer, but always seeking a price reduction. Rick Aversano vowed to stick close to their $28 million asking price, and “he did,” Giem said.
During the past year, three interested parties circled, until Quatre Saisons agreed to a sellers’ offer. The deal closed escrow April 14, and the home since has been leased to a company that relocated one of its executives to the residence, Giem said. The buyers have property outside the United States, although Giem didn’t know their nationality.
Giem said the home was designed for entertaining when remodeled in the early 1990s. He attended an event there with close to 400 people, and it didn’t even feel full, he said.
The sale price is the fourth highest for a single-family home in Orange County on record. How’d we get the price? County records show that the transfer tax totaled $29,837.50. Based on that, the sales price would be $27.125 million.
The highest price recorded so far was $35 million paid in January for actor Nicolas Cage’s Newport Beach waterfront home. The $27.1 million price tag for the Aversano Corona del Mar home, however, is believed to be the highest paid for any Orange County home not directly on the water, Giem said.
The next highest off-water sale is believed to be the Pelican Hill home sold by St. John Knits founders Robert and Marie Gray in 2006 to Henry Nicholas III, the billionaire co-founder of Irvine chip maker Broadcom Corp. The recorded sales price for that home, located just above the Pelican Hill Golf Course, was $19.5 million, although agents have said that commissions not included in recording put the price closer to $20 million.
May 12th, 2008 at 6:18 pm
I don’t have anything to say but I know that Sighburrdood hates it when I’m the first one to post so here you go Granpa.
May 12th, 2008 at 6:25 pm
I wonder why all these super smart, uber rich people aren’t waiting for the inevitable fire sale?
May 12th, 2008 at 6:35 pm
“Historic Home OC’s 4th priciest sale”
Historic Homes such as Craftsman and Victorian Architecture……….
Are highly sought after, and pealple will continue to aspire to own one
Just go to your TV and see all the hype regarding:
“Restore America’
“This old House”
DYI networks
HGTV networks
What other time in recent history has housing had its own networks…??
HISTORIC HOME”S RULE
May 12th, 2008 at 7:00 pm
# Thoughtful Says: “I wonder why all these super smart, uber rich people aren’t waiting for the inevitable fire sale?”
All these rich people better prepare themselves for next year because Obama is going to tax the hell out of them.
May 12th, 2008 at 7:31 pm
“More than half of those who saw it made an offer, but always seeking a price reduction.”
According to this AND the fact that it was on the market for 3 YEARS prior to selling tells me that the “uber rich” were in fact waiting. If they weren’t, this placed would’ve been gone much sooner.
I’m guessing during those 3 years, the price didn’t go up either. May’be it’s more accurate to say that expensive property isn’t depreciating but isn’t really appreciating either.
May 12th, 2008 at 8:13 pm
Well, given the fact that the buyers apparently aren’t American, the asking price (in our beloved currency) is a lot cheaper now than three years ago!!
Don’t kid yourself, though, “international investors” aren’t interested in your stucco box.
During the early 20’s when the Reichsmark crashed, Americans went to Germany and bought up everything. But life was hell for ordinary Germans.
May 12th, 2008 at 9:56 pm
I need to know what company bought it for one of their executives to live in. I want to short their stock so that I will have enough money to buy it when it goes into forclosure.
May 12th, 2008 at 11:21 pm
Let’s see, 3 years on the market, that’s what 10-15% lost in inflation and/or lost interest income. Let’s call it a $4+ million dollar loss/drop from original asking.
Of course $75 million Portabello in CDM, languishing for over two years on the market has lost even more. To offset the loss he’s raised the price by $10 million. Good luck with that.
The market for >$4 million homes is absolutely dead, and the occasional anecdotal sale does nothing to change that fact.
May 12th, 2008 at 11:31 pm
I an even better example of historic house sales..
http://www.virtualnorfolk.org/public_documents/norfolkma_historical/1
May 13th, 2008 at 5:40 am
I think the owner of the $75,000,000 listed Portabello Estate is not worrying about this renters blog and what WE think he should do with his list price.
May 13th, 2008 at 9:37 am
INFLATION.
June 11th, 2008 at 5:49 am
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