CORONA DEL MAR — A nearly 6,800-square-foot estate on a rare, nearly half-acre double lot with panoramic views of Newport Harbor, the Pacific Ocean and Catalina Island has sold for $17.75 million.
The property at 1409 Dolphin Terrace occupies a coveted front-row site in Corona del Mar’s Irvine Terrace, a neighborhood known for its oversized lots and proximity to Newport Beach’s coastal amenities, according to buyer’s agent Ghazal “Giselle” Shahbazi of Coldwell Banker Global Luxury in Irvine.
Built in 1995, the two-story 6,769-square-foot home has five bedrooms and six bathrooms and features an open layout, a gourmet kitchen and a pool and spa.
“What is very special is the lot. It’s almost a double lot,” Shahbazi told the Business Journal. She added that the buyer could subdivide the land and redevelop it in the future if the city approves.
Hanna Karcho-Polselli and Remo Polselli of Luxury Fine Homes listed the property.
Orange County’s Luxury Market
The sale highlights how Orange County’s luxury housing market remains strong, with wealthy buyers still active despite high mortgage rates and a shaky economy.
Shahbazi said higher borrowing costs have not affected high-end buyers too much because they are often “cash buyers.”
Still, affluent buyers at this level have stayed disciplined about pricing and value.
The property’s listing history shows that even trophy properties can face challenges if the listing is set too high for the market.
According to Redfin, the seller first listed the home for $32.9 million in April 2024 after buying it four months earlier for $11.6 million. The home had last traded for $6.2 million in 2004.
The listing price continued to drop over the next couple of years, reaching $22.9 million in February this year.
“The sellers came high,” Shahbazi said. “They priced it high because of the uniqueness, because it is one of a kind. But obviously, the market is not there.”
After months of negotiations, the parties made a deal that Shahbazi called a win for her client.
“It was a very long negotiation,” she said. “There was interest for a few months. It took teamwork, good sellers, lawyers and consistency.”
Irvine Terrace Neighborhood
The property is one of the widest lots on Dolphin Terrace, with about 125 feet of open frontage looking out over the harbor and ocean, according to the listing.
Unlike many nearby homes, the property features a “front row view,” meaning nothing blocks the home’s stellar views, said Shahbazi.
“You can see the harbor, ocean, Catalina and city lights,” she said. “The minute you enter, it’s very wide, so you have views in every corner of the house.”
Irvine Terrace is on the Harbor side of Pacific Coast Highway across the street from Newport Center.
The neighborhood of about 390 homes developed in the 1950s is known for its walkability and for its location between Corona del Mar Village, Balboa Island, Fashion Island and local beaches, Shahbazi said.
Unlike many luxury communities, the neighborhood is not gated and has relatively low homeowners’ association fees. Residents pay about $60 a month.
“A lot of home builders are after the lots there,” Shahbazi said. “It’s raising the prices.”
Shahbazi said the buyer, a local moving up, was drawn to the chance to live on one of Corona del Mar’s best-view lots.
“It’s her dream home,” Shahbazi said. “You sit on that balcony, and you never want to leave. It’s amazing to live somewhere like that.”
