The oceanfront Laguna Beach home of celebrity dermatologist Arnold “Arnie” Klein—known as the “King of Botox”—was sold to a local buyer for $7.1 million, down from $8.1 million in September.
Klein is known for his high-profile clients, including late pop singer Michael Jackson. He has been facing a variety of reported legal battles and filed for bankruptcy protection in 2011.
Greg Bingham, an agent with Coldwell Banker Residential’s Newport Beach office, represented Klein.
Sharon Katouli, an agent with Teles Properties Inc.’s Laguna Beach office, represented the buyer.
Katouli had been working with the buyer since August.
The buyer wanted a coastal property.
“It had to have an exceptional view,” Katouli said.
He also wanted private access to the beach.
“Those were his requirements,” she said. “There’s not a lot of those homes available.”
The buyer looked at about seven to 10 homes along the coast in Dana Point, Newport Beach and Laguna Beach.
He came across Klein’s home at 31025 Coast Highway in November.
“It just immediately spoke to him,” Katouli said. “This particular property is sensational.”
The 3,572-square-foot home has a 270-degree ocean view from all three levels. The home has three bedrooms and three baths.
“It was a bankruptcy, so it was one of the most complex transactions I have ever worked,” Katouli said.
The home had some back-and-forth bidding with one other bidder.
It was sort of like an auction.
“It goes back and forth until one gives up,” she said. “We had a clear and concise strategy going in there, and he executed it wholeheartedly.”
The home had been in escrow since November and recently closed.
It was complex and a relatively long transaction, but in the end, Katouli said her client was happy.
$4.8M Worth of Horse Sense
The home at 31742 Contijo Way in Coto de Caza sold in an all-cash transaction for $4.8 million, down from $5.7 million in September.
Tim Smith, of Coldwell Banker Previews International’s Newport Beach office, represented the seller.
Mike Ameel, owner of Coto de Caza Real Estate, represented the buyer, a couple from nearby Dove Canyon.
Ameel lives and works in Coto de Caza, which is perhaps best known as the setting for the launch of the reality TV series The Real Housewives of Orange County.
The couple didn’t look at very many homes, Ameel said.
They liked the Coto home right away.
The wife, who has kept horses stabled in the area, always wanted a home that could house them.
“The home has a four-stall horse barn, and she has four horses; so it’s perfect,” Ameel said. “She fell in love with it.”
The 8,000-square-foot home is on 3 acres in the Los Ranchos Estates equestrian enclave within the gated Coto community. Homes there are on parcels ranging from 2 to 10 acres.
$16.9M Apiece
New double-digit listings in Newport Coast:
n 3 Masters Circle has been listed by Rex McKown, of Surterre Properties Inc., for $16.9 million.
The 11,908-square-foot Pelican Hill home has seven bedrooms and eight baths.
n 1 Premiere, an ocean-view home in Newport Coast, also is listed by McKown for $16.9 million.
The 11,395-square-foot home is at the end of a cul-de-sac. It has six bedrooms and seven baths. Both homes have views of the ocean, Newport Harbor and the golf course.
February Match
Ten deals priced $4 million and above—including nine homes and one land parcel—were on the books for February heading into the final week of the month. The total matched the number of sales a year earlier with a few days of the month left.
Agents sold 10 homes in January, surpassing January 2012 sales by four.
Twin Bill for Stavros
Andy Stavros, an agent with Teles Properties, recently sold two homes on West Oceanfront in Newport Beach: 1200 W. Oceanfront for $8 million and 1106 W. Oceanfront for $5.9 million.
The price of the 1200 W. Oceanfront home was down from $9.4 million in November. Stavros represented the buyer and the seller on the 86-year-old home, which is on a double lot and has six bedrooms and two baths.
The price of the 4,000-square-foot oceanfront home on the boardwalk at 1106 W. Oceanfront was down from $6.2 million in October.
Stavros represented the seller. Angela Creech, an agent with Redfin’s OC office, represented the buyer.
The two-level, newly built home has a 640-square-foot rooftop deck, four bedrooms and four bathrooms.
