Orange County Business Journal

Gross Lists Harbor Island Lot for $26.5M

Sherri Cruz Thursday, June 9, 2011

Bill Gross, cofounder of Newport Beach-based Pacific Investment Management Co., has listed for sale an 18,150-square-foot bayfront lot on Newport Beach’s secluded Harbor Island for $26.5 million.

Two years ago, Gross bought the property, which had a home he later razed, for $23 million.

Kathryn White, an agent for Hom Real Estate Group, is selling the 24 Harbor Island property.

White couldn't be reached for comment.

The property is a rare listing for Harbor Island that could get snapped up quickly, despite a lingering slump in high-end real estate here.

Gross bought the property from the estate of philanthropist and art collector Elizabeth Colyear Vincent, who died in early 2009.

The property came with an 11,000-square-foot, nine-bedroom Georgian-style mansion, which Vincent owned for 35 years.

The home, built in 1979, was valued at about $1.7 million. The land value was $21.3 million.

In all, Gross bought the lot and the home for $3 million less than the original $26 million listing price.

Gross leveled the home and had planned to build a newer one on the site.

Since then, the property has remained vacant, a giant hole along the waterfront that has had people musing on what he might build.

The primary residence of Gross and wife Sue is in the gated Irvine Cove neighborhood of Laguna Beach.

Harbor Island, accessed by a single bridge, is one of the county’s priciest neighborhoods.