Newport Beach’s version of “Billionaire’s Island” has seen another sale.
In a rare deal for the exclusive enclave of just 30 homes, a 4,600-square-foot Harbor Island home has traded for $17.7 million, or nearly $3,500 per square foot for the a 4-bedroom 5-bathroom home.
It’s the top reported Orange County sale of the month, and marks the third sale on the guarded island since the start of 2019.
An undisclosed buyer bought the property at 1 Harbor Island. Sean Stanfield of Pacific Sotheby’s International Realty represented both sides of the deal, which closed earlier this month.
“The exclusive, 24-hour guard-gated enclave of Harbor Island is perhaps the most coveted collection of waterfront residences in all of Southern California,” Stanfield said in the listing.
The home includes 134 feet of linear water frontage and a private dock that could accommodate a 90-foot yacht.
The home was designed by C.J. Light and includes a bayfront pool, garden, outdoor living space with fireplace and an outdoor shower.
Sources indicate the seller of 1 Harbor Island is Chinese entrepreneur Eric Siliang Tan, CEO and cofounder of mobile content aggregator Qutoutiao.
Tan last year bought another home on Harbor Island in the largest sale on record for the neighborhood, in which he paid $37 million for 18 Harbor Island, a 14,200-square-foot estate built on multiple lots.
Tara Shapiro of Pacific Sotheby’s International Realty had the listing for that property.
Tan was estimated to have a fortune of about $600 million as of this summer; last year his stock in Qutoutiao was valued at over $1 billion, according to reports.
Others among the ultra-wealthy that call Harbor Island home include Donald Bren, George and Julia Argyros, and Ron Simon; Bill Gross once owned a lot there.
One other Harbor Island home traded hands in the past two years: a nearly 9,000-square-foot estate at 3 Harbor Island that traded for $14.3 million.
Katie Machoskie of Compass represented the seller for that deal, while Tom Williams of Windsor Investments Inc. represented the buyer.
The recent sale of 1 Harbor Island marks the largest home sale to occur thus far in November, followed by the $16.5 million deal for 1824 W. Oceanfront, a 3-bedroom, 4-bathroom home on the Balboa Peninsula.
Six homes have sold above the $8 million mark in November for a cumulative sales volume of nearly $72 million, according to property records.
The very upper end of the market has seen more activity, and higher prices, than a year ago.
For the first 11 months of the year, the top five reported home sales totalled $178 million in volume, up about 15% from the $155 million seen in 2019.
The top five on-record deals to occur thus far this year are led by the $61 million sale of 15 Del Mar, an 18,717-square-foot Newport Coast estate that set a new local sale record, besting the $50 million sale of 1 Canyon Terrace that occurred at the end of the April. Compass’ Rob Giem recently represented the seller of 15 Del Mar and Coldwell Banker’s Tim Smith secured the buyer.
In the former $50 million deal, Evan Corkett and Steve High of Villa Real Estate represented the sellers while Rex McKown and Marcy Weinstein of Compass represented the buyer.
The third top reported local sale to date in 2020 is for 37 Del Mar, which sold in January for $25.1 million. John Cain of Pacific Sotheby’s had the listing for the 15,000-square-foot Newport Coast home; Coldwell Banker’s Jeff Ewing represented the buyer.
Closing out the top five sales this year is the $21.2 million sale of 2928 Ocean Blvd in Corona del Mar and the $20.6 million deal for 18 Coral Ridge in Crystal Cove.