HOME AWAY FROM HOME
OC’s Rich Count Homes in Deserts, Mountains, Hawaii, Europe
By ANDREW SIMONS
Orange County’s nice. But so is Paris, the Caribbean and the Rockies.
OC’s rich count second and third homes from San Clemente to London. And why not? After a bit of OC sun and traffic, why wouldn’t you want to jet away to a far-off locale to clear your head?
“It’s really a lifestyle issue more than an investment issue,” said Chris Copps, a private wealth adviser at Merrill Lynch & Co.’s Newport Beach office. “It’s more about a place where they feel comfortable getting away to. It has more of a different feeling to it.”
The wealthy long have sought second and third homes in traditional spots, such as golfing communities and warm resorts. OC’s wealthy are no different.
For them, perhaps the most popular place for a second home is the desert.
“If you live at the ocean, it’s the most starkly different environment,” said one Irvine financier.
The same can be said of mountain retreats, such as Arrowhead and Big Bear.
“There are so many homes there that are $2 million and $3 million,” the financier said.
The Palm Springs area counts a big contingent of second homes because of its golf courses and nice winter climate.
Real estate developer and ambassador to Spain George Argyros has a place in Indian Wells. Broadcom Corp. interm chief executive Alan “Lanny” Ross has a second home in La Quinta.
Then there’s the ultimate desert getaway,Las Vegas. Emulex Corp. Chief Executive Paul Folino has a ranch in Las Vegas next to singer Celine Dion.
While many of OC’s wealthiest have a second home in the desert, others are spread far and wide.
Many of OC’s wealthiest count homes in Hawaii. And we’re not talking a beach house in Oahu, Hawaii’s most populous island. OC’s wealthiest get into life on less populated islands such as Lanai or Maui.
“I would say it’s the desert first and Hawaii’s second,” a local financial adviser said.
Some of OC’s wealthiest branch out into more elegant locales, such as London and Paris.
Others have homes on the Mediterranean, including San Tropez in the French Riviera. The sun-drenched stretch of beach in the south of France sports crystal-clear waters, breathtaking scenery and glamour for all.
For many, ski towns in the Rocky Mountains fit the bill. Argyros’ other home is in Sun Valley, a small hamlet nestled in Idaho where he’s neighbors with The Irvine Company’s Donald Bren. Not far away, Buy.com Inc.’s Scott Blum has a home in Jackson Hole, Wyo.
Others have homes in Whistler, British Columbia.
“You really go where your interests are,” Copps said.
Some who settle in mountain towns do so for the community.
When Blum decided to move to Jackson Hole full time, he cited a better, safer community for his family among the reasons for the move.
Others who head to the mountains like that they can live a more relaxed life.
“They want to get away to a place that’s more casual and laid-back,” Copps said. “A place where they can put on their jeans and T-shirt and not feel that they have to impress their neighbors. It’s nice to know that you always have a place to go to. It’s nice to know you can just pick up and go.”
Of course, California’s a place with enough suitable spots for second homes. Many of OC’s wealthy choose the banks of Lake Tahoe for second homes. Others, such as Fidelity National Financial Inc.’s William Foley, count laid-back Santa Barbara as home.
Foley runs Foley Estates, a group of wineries in Santa Barbara County.
Others, including real estate developer Don Koll, go to Mexico. Koll spends the better part of the year in Baja California in a house in Cabo San Lucas, sources said. From there he can oversee his vacation home developments.
“Don Koll got Baja rolling,” one source said. “He has maintained a second home down at the tip of that peninsula. He was a pioneer there.”
As Koll illustrates, second homes serve a double purpose: vacation and investment. Sure, it’s nice to buy an extra home in a place you like. But it’s even better to get one that’s going to give you a nice return.
“We look at their total portfolio and their total estate and we help them with the decision,” said one local investment adviser. “Once we figure out if it’s a prudent asset to own, we’ll look at the lifestyle issues.”
The Weekend Wealthy
Orange County isn’t just a home for the wealthy,it’s a playground for them, too.
In our bid to come up with people for our list, we’ve come across other wealthy people with homes here.
We’ve decided to exclude them from our list, focusing instead on full-time OC residents or those who split their time between here and elsewhere but derive most of their wealth from the county.
But our package wouldn’t be complete without a little name-dropping of some wealthy folks with homes here, mostly for leisure.
Here’s a short list of those with homes here or who visit for extended stays:
& #149; Warren Buffett
& #149; Heather Locklear, Richie Sambora
& #149; Roy Disney, vice chairman, Walt Disney Co.
& #149; Jack Kemp, former U.S. Representative, Housing and Urban Development Secretary
& #149; Robert McNulty, founder of Shopping.-com who splits his time between OC and Las Vegas
& #149; Don Carty, former American Airlines chief executive
& #149; Lodwrick Cook, former Atlantic Richfield Co. chairman; director, Global Crossing Ltd.; Castle & Cooke Inc., vice chairman; managing director Gary Winnick’s Pacific Capital Group Inc.; chairman, Litex Inc.
& #149; Ron Burkle, managing director, Yucaipa Cos.
& #149; Edward J. Herbst, chief executive, Herbst Gaming Inc.
& #149; Gary Primm, former chairman, chief executive of Primadonna Resorts Inc.
& #149; Paxson Offield, president, Santa Catalina Island Co.
& #149; Benson Ford Jr., great-grandson of Henry Ford
& #149; Thomas L. Phillips, chairman of Potomac, Md.-based newsletter publisher Phillips International Inc.
& #149; Jim Easton, chairman, chief executive, Van Nuys-based Easton Sports Inc.
The Sporting Life
With golfing and upscale living, Orange County is a magnet for sports figures who live here or have homes here.
The most notable these days: Kobe Bryant, the Los Angeles Lakers’ superstar shooting guard who is fighting sexual assault charges in Colorado. Bryant and his family live in Newport Coast.
Shady Canyon, the luxury golf and residential “preserve” in Irvine, is reeling in its share of well-known athletes and other sports figures.
One of the newest property owners in the enclave is Jim Rome, the acerbic-yet-comic sports talk host.
Rome recently bought just under an acre of Shady Canyon land. The sale price wasn’t disclosed, but reports put the asking price at $3.15 million.
Besides his syndicated radio show, Rome’s media empire includes “Rome Is Burning,” a weekly talk show on ESPN.
Rome joins several prominent sports figures who have bought into Shady Canyon, including Los Angeles Dodger Shawn Green and Mark McGwire, the retired former single-season home run record holder.
Even OC native Tiger Woods, who has his foundation in Anaheim, is said to have recently played Shady Canyon’s golf course and asked about lots.
Among the World Series Champion Anaheim Angels, just two players live here year-round: slugger Garret Anderson, who’s in Tustin, and second baseman Adam Kennedy, who lives in Newport Beach.
Reggie Jackson, the controversial slugger and “straw that stirred the drink” for the New York Yankees in the late 1970s and former Angel, has a home in Newport Beach.
Other former Angels who live here: pitchers Mike Witt,one of the Shady Canyon crew,Mark Langston and Jim Abbott; catcher Lance Parrish; and 1980s star infielders Rod Carew, a member of baseball’s 3,000-hit club, and Doug DeCinces, who now is a real estate developer.
Former Rams who live here include Deacon Jones, the sack-happy defensive end; running back Lawrence McCutcheon; kicker Mike Lansford; offensive linemen Jackie Slater, who’s moved into a sportscasting career, and Rich Saul, who now works for Fidelity National Title.
Don’t forget Vince Ferragamo, who quarterbacked the team to its last Super Bowl season when the team was in Southern California.
Dennis Rodman, the notorious former Laker who’s been mulling a comeback at age 42, is another NBA figure who lives in Newport Beach.
Tennis star Lindsay Davenport also is among the sports world’s OC residents.
And finally, Paul Salata, the businessman who created “Irrelevant Week,” is a longtime Newport Beach resident. Salata, a former NFL wide receiver, created Irrelevant Week to honor Mr. Irrelevant, the last player picked in the NFL draft.
,Vita Reed
