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Thursday, Apr 18, 2024

Custom Home on Balboa Peninsula Sets Mark

A Newport Beach home with ties to local technology veteran Vinny Smith has sold for $22.3 million, in the second-highest sale on record for the Balboa Peninsula.

The sale of the nearly 10,000-square-foot custom home is also the most paid for a waterfront home this year in Newport Beach.

Smith, the founder of Toba Capital, OC’s largest venture capital firm, and former CEO of Quest Software, built the home in 2018.

Michelle Linovitz of Villa Real Estate represented the seller and the undisclosed buyer in the deal that closed last month.

Custom Home 

Smith first bought the home at 2136 E. Balboa Blvd. in 2013 for a reported $9.5 million, property records indicate.

Construction was already underway at the time, but the new owners decided to rework the design to create a more personalized home that better connected to the outdoors, according to Villa Real Estate.

The five-year project was completed with architect Bruce Manzer of Manzer and Associates with design handled by Anna Shay of Solanna Design.

The home, located at the mouth of Newport Harbor, is modern farmhouse in style, with French limestone, Riviera Bronze windows and wood-beamed ceilings.

The six-bedroom, 10-bathroom home includes separate guest rooms with private access, a wine room and bar, gentlemen’s loft and private office.

The subterranean level has high-end spa amenities including a salt cave, hydrotherapy, sauna, gym, rock climbing wall, laundry room and juice bar.

The property has private docks that can accommodate up to 59’ and 80’ vessels.

Smith created Toba in 2012 after selling Quest Software in Aliso Viejo to computer maker Dell Inc. for $2.8 billion. Smith received about $800 million in the sale. The Business Journal estimates his wealth at around $2.5 billion.

He’s made headlines in the residential real estate sector before; in 2019 he sold an estate in Utah for a state-record $32.5 million to the CEO of electric vehicle maker Nikola Motor. Smith would later invest in Nikola prior to it going public.

Smith is believed to own other homes in the area.

$44M Sale 

The sale is the priciest along the water in Newport Beach thus far this year, and is tops since the $25 million sale of 101 Shorecliff Road in Corona del Mar in November.

The sale of 2136 E. Balboa Blvd is the fourth priciest among 2021 luxury home deals in Orange County.

The most expensive home to sell through the first five months of the year is 28 Midsummer, a nearly 18,868-square-foot home in the hillside Crystal Cove community that sold in March for $44 million.

It’s the second sale in two years for the five-bedroom Crystal Cove home, which was the area’s top home sale in 2019 when it traded for $38 million.

The $44 million sale is the priciest to take place since November, when 15 Del Mar sold for $61 million, the top deal for 2020 and a new record for the county.

That home is also in Crystal Cove, home to many the county’s top luxury sales due to the larger-sized properties built there. 

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