High-End Broker William Cot & #233; Sells OC’s Highest-Priced Home in 1999,Again
William Cot & #233; absolutely loves the 18,000-square-foot mansion at 18 Harbor Island. The Corona del Mar real estate broker has never lived in the luxurious residence, which is strategically located at the confluence of the widest part of Newport Harbor and faces due west, giving it a view of all incoming and outgoing boat traffic.
But Cot & #233; has a more compelling reason for his love affair with the property: He has sold it four times over the years, most recently late last year for a reported price tag of a little more than $14 million.
“I’m a good salesman,” says an unabashed Cot & #233;, who caters to the very high end of the market and is ranked No. 1 in Orange County with an average sale price of $3.2 million, according to research compiled by Dynamic Marketing Resources Inc.
Cot & #233;,who has sold homes to Irvine Co. chairman Donald Bren, author Joseph Wambaugh and a long list of other celebrities,declined to discuss his compensation, either in general or specifically concerning 18 Harbor Island. The owner of Cot & #233; Realty Group has catered to the high-end market for most of his 31 years in the real estate business. A former lawyer who quickly tired of the legal profession, Cot & #233; says he has been involved in and negotiated more than $560 million in sales over the years, including the two most expensive sales in Orange County, both involving 18 Harbor Island.
Cot & #233; has been especially active and has recorded the most expensive sales in some of Orange County’s more exclusive enclaves, including Emerald Bay ($7 million), Linda Isle ($5.4 million), Irvine Cove ($10 million) and Harbor Island ($14.5 million).
Even in an area known for spectacular and ostentatious residences, 18 Harbor Island stands out. Located on a lot slightly larger than a half-acre, 18 Harbor Island features nine full bedroom suites, 11 full bathrooms plus three half-bathrooms, a 3,000-square-foot master bedroom suite and an eight-car subterranean garage. The gate-guarded residence, which is located on a private island with 31 other homes, has quarters for a complete staff (including a separate kitchen), features a custom elevator, six fireplaces and its own private pier and slip for multiple yachts.
The house is built of poured-in-place concrete with re-bar; the exterior is completely clad in custom limestone.
“It is thought to be ‘The’ address in Orange County,” Cot & #233; said.
The newest owner? Robert McNulty of shopping.com fame, according to a source familiar with the transaction; 18 Harbor Island sold near its asking price of $14.5 million, according to the source.
Cot & #233; said his association with the property began in 1985, when he sold what was then a custom lot for $4.5 million to Roy Carver Jr., an Orange County developer at the time. In 1991, Cot & #233; said he again marketed the property, this time with the house, and sold it for $13.8 million to George Yao, who owned hotel properties in Orange County.
Five years later, Cot & #233; said he was again called on to sell the property, and this time found a willing buyer in William Simon, an attorney and television executive who at one time owned what was KHJ-TV Channel 9 (now known as KCAL). Simon paid $8 million for the property.
Why the turnover in the property? Cot & #233; says it’s not unusual for trophy properties such as 18 Harbor Island to rapidly go through successive owners.
“People’s needs change,” Cot & #233; said. “Their requirements change to where they don’t have kids at home, they pass away, their financial situations changes. I mean a whole myriad of reasons goes into a matrix like that.
“Understand, you don’t generally have someone 30 years old buying a multi-million dollar house,” he continued. “There’s a whole lot of different reasons and it’s never just one. It’s a common occurrence.”
Given its high profile, Cot & #233; said, he has never had too much trouble finding a buyer for his favorite property, but he does have to contend with people more intent on getting a tour of the exclusive residence than with actually purchasing it. Cot & #233; said that, as with other expensive properties he constantly markets, potential buyers must first submit some kind of verifiable financial statement,”And I will verify it”,before he allows them onto the property. n
