Bond fund manager Bill Gross has bought a Newport Beach home for $23 million, according to the Wall Street Journal.
Gross, cofounder, co-chief investment officer and managing director at Newport Beach-based Pacific Investment Management Co., intends to raze the home and build a new one, according to the report.
The house is on Newport Harbor’s exclusive Harbor Island.
The island also is home to Irvine Company Chairman Donald Bren and businessman George Argyros.
The house, bought through a trust, is 11,000 square feet with nine bedrooms and 12 baths. It was built in 1979 and sits on two lots.
Gross and wife Sue now live in Irvine Cove in Laguna Beach.
The Harbor Island home had been listed at $26 million. The seller is reported to be the estate of philanthropist Elizabeth Colyear Vincent. She died in February.
The sale is likely the second highest here this year.
Earlier this year, a home in Laguna Beach’s Emerald Bay sold for $28 million to Las Vegas casino operator and Ultimate Fighting Championship owner Frank J. Fertitta III.
The county record came in early 2008 when Nevada casino and service station magnate Jerry Herbst paid $35 million for the former Newport Bay home of Nicolas Cage.
Gross manages the world’s largest mutual fund at Pimco. Earlier this month, the Business Journal estimated his worth at $1.1 billion.
