- NEWS
- SPORTS
- BUSINESS
- ENTERTAINMENT
- LIFE
- TRAVEL
- OPINION
Newport mansion will now cost you $77 million
June 3rd, 2008, 12:10 am · 36 Comments · posted by Jeff Collins
John McMonigle’s Newport Coast dream house, Villa del Lago, had a $50 million asking price three years ago. But rising construction costs, added amenities– plus the perceived value of the 12.5-acre, hilltop custom home — has boosted the asking price upwards by $27 million to its current asking price of $77 million, according to the McMonigle Group.
That makes Villa del Lago Orange County’s priciest listing, surpassing another home that McMonigle is selling, the $75 million Portabello Estate in Corona del Mar.
McMonigle, Coldwell Banker’s top-producing luxury-home salesman and a custom-home developer, envisions Villa del Lago as a premier estate, with an 18,000-square-foot Italian-style mansion, stables, a tennis court, vineyard and a private lake. That $77 million will also get you a pool, guest house, guard house and a two-hole putting green. The three-level floor plan includes angled wings for the library/conservatory and family areas, a theater, exercise room, wine cellar and a 20-car garage. The home has been under construction at least two years and completion is still a year off, according to a McMonigle spokeswoman.
When the Register first reported about the home, the asking price was $50 million. That amount increased in stages to $57 million, and as of December, it had climbed to $67 million.
Asked why the price keeps going up, McMonigle’s spokeswoman said in an email: “The increased pricing is due to higher construction costs, higher specification level and added amenities as well as perceived value today.” McMonigle later added: “The property has now been designed completely turnkey, all the way down to the custom made hardware and hand carved stone from Italy, thus driving construction costs upward significantly.”
Read more on real estate’s upper crust:
- Newport Beach bayfront mansion listed for $38.5 million
- Emerald Bay home listed for $44.5 million
- Insider Q&A with a luxury-home broker
- New high: $75 million home
36 Comments
-
ADVERTISEMENT
-
-
Blog within a blog ...
-
HOW TO TRACK US
<!--
--> -
ADVERTISEMENT
Any bets on what it will go for? And when?
who really cares??
Here’s some MLS statistics for sales since 1/1/08:
Total home sales since 1/1/08: 7,488
Sales over $2,500,000: 148 (2% of total sales)
Sales over $5,000,000: 22 (3 10ths of 1% of total sales)
Sales over $10,000,000: 3
Sales over $15,000,000: 0
correction to above– 1 sale over $15,000,000 per the MLS. I’m sure there are several sales that take place in this price range that don’t appear in the MLS.
I suppose at 77M it certainly should be “turnkey”…although just to mess with them I’d ask for painting and carpeting allowance..
Carpeting? How gauche:)
–
“Newport mansion will now cost you $77 million.”
I don’t think so.
nice to know. when I win the Mega Millions I’ll be sure to give John a call right away.
Baller!
Who gives a darn about that house and the egomaniac who built it?
YAWN!
it looks nice until you see the view. if it was in the middle of nowhere it might be nice but who wants a $77 million estate with a view of newport?
*puke*
Will go for $60+…it is what is.
Just for laughs I’d like to drive by this joint and pound a “Bank Owned” sign into the ground out front.
have always wanted to live in a house the size of a Hotel with my trophy wife and our 2-1/2 kids, and over-priced dog. good to know where I can waste more money next.
Another OC fairytale
I wonder if they would accept $30k as a down payment… nah, I wouldn’t want that lifestyle anyways.
My guess is, if you have space for onsite security personnel, $77 million is that kind of neighborhood…”foley’s on the grounds!” Victor Mateland would be proud indeed.
dang! what would someone do with all of that house? So many rooms and stuff!!! Is this in the same neighborhood that Kobe live’s in?
77 Million just to purchase but also consider the upkeep and staff needed etc. It still has another year of being built too. I can think of better ways to spend $77,000,000. This is the kind of place for those that store up their riches in this realm that they cannot even take with them. Foolish. Honestly, it is not a very attractive design.
With people losing their homes, gasoline nearly five dollars a gallon a a loft of decent bread running nearly four dollars, why does the Register think that anyone cares about this?
OldDude: I completely agree with you
More proof that the median income family can no longer afford OC.
That would make your payments about $650,000 per month.
Who cares? I ‘d rather have the Cash.
Old Dudes’ comments have little meaning in the Newport Coast neighborhood of Villa del Lago where highly talented professionals, successful entrepreneurs and others of significant wealth chose to enjoy life. It is their lifestyles that have always been of fascination and interest to many of the rest of us who buy the magazines, read the books, watch the television programs, attend the the movies and read the newspaper stories.
Many thanks for the follow-up article Mr. Lansner and much success to Mr. McMonigle in selling this incredible home.
77 million, chew on that track home dwellers with upside down mortgages. The class system is alive and well, the buyer is a have, the bloggers here are have not’s. The buyer of that home can buy and sell you and most of you cannot fill your gas tanks.
James Alan, if you buy the magazines, read the books, watch the television programs, attend the the movies, read the newspaper stories and clearly aspire to live there: we won’t hold it against you. But please don’t tar anyone else with that same brush. I’d sooner gnaw off my own arm than live in that place.
Funny, James! You had me laughing…
Oh wait, were you serious? Wow, you sure are full of yourself.
k.o. you missed the point. James was right and it’s a fact that most people are very interested in the lifestyles of the super rich.
there are a lot of SPACECADETS on this blog.
either kids at home with free time to blabbermouth, or out of work simpletons looking to impress simpler minds?
The Billionaires have it all, and unlike the rich of the past, they have a current environment that allows and encourages the elitism.
The GAME is over…I SAY THIS ADNAUSEUM ON THIS BLOG…the GAME is over. If you do not understand the fundamentals of the word GAME go find out what it means. Cash flow will crawl, desperation will set in.
Both prez candidates are tools.
zAnarchy is the natural next step in the history of this simple little planet.
what sort of mad max planet will that be? has to be more interesting?
k.o. your attempt at sarcasm doesn’t work and you need to b.o. You should stick to reading about the accomplishments of others and contemplate why you can’t succeed on a grand scale.
How about the taxes would be in excess of $800K per year if it sold for $77 mil. And I’m sure there’s an HOA out there. pretty spendy.
The sad thing is that next year people will be ripping out the hand carved stones and trading them for chickens. The people that make it on a grand scale do not play fair. Those that they use for steps on the way up don’t either, eventually.
Wonder who put up the money for this deal…I bet there is a wee bit of sweating going on right about now…….