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Monday, Dec 5, 2022

Irvine Cove Beachfront Home Trades for $43M

Orange County’s luxury market wrapped 2021 with another blockbuster home sale: the $43 million sale of 2431 Riviera Drive in Laguna Beach.

The deal is the second priciest home sale on record to occur in 2021.

The estate is only one of five beachfront homes in the Irvine Cove community—just south of Crystal Cove State Park—with private beach access. Counting half an acre of land and 180 linear feet of beach frontage, 2431 Riviera is the largest and most private of the five beach homes at Irvine Cove, according to marketing materials for the home.

Named Villa Dei Tramonti, the 10,000-square-foot Mediterranean Revival-style property has six bedrooms, eight bathrooms, and was built in 1996. The home boasts spacious interiors—the great room alone is nearly 1,000 square feet.

Rob Giem of Compass had the listing; Paul Daftarian and Michael Balliet of Luxe Real Estate represented the undisclosed buyer.

The home sold close to its asking price—it was last put on the market in October for $45 million.

The undisclosed sellers purchased the home in 2006 after it underwent a renovation.

There are now two active listings in Irvine Cove: 2538 Monaco Drive and 2565 Altamar Drive. Both homes are on the market for $26 million each.

Irvine Cove Records

The 109-home gated community of Irvine Cove is considered the county’s most prestigious beachfront neighborhood, and has been referred to as “rarefied air” by area expert Kathryn White, a lead agent for Compass in Orange County.

The community, also known for its share of larger-than-average lot sizes, is divided by Pacific Coast Highway, with the oceanfront homes typically trading at a much higher price than those east of the highway.

Among 2021 sales, 2431 Riviera’s price only trails that of 2585 Riviera Drive, an 18,000-square-foot estate within Irvine Cove’s ultra-exclusive enclave of Abalone Point that sold for $70 million. The off-market sale was handled by Steve High and Evan Corkett of Villa Real Estate.

The deal broke the previous OC home price record of $61 million set last year in Crystal Cove for a home bought by loanDepot’s Anthony Hsieh.

Top Deals

The sales of 2585 Riviera and 2431 Riviera are the priciest reported home deals to occur in 2021. Wrapping out the top five home sales for last year  are:

• 28 Midsummer, a Crystal Cove estate spanning nearly 18,900 square feet that sold in March for $41 million. The home was built in 2016 and sold in an off-market transaction handled by Steve High and Evan Corkett of Villa Real Estate. 

• 4130 Calle Isabella, a 12,854-square-foot San Clemente estate that sold in September for $33.9 million. Seth Nelson and Ariana Gaffoglio of Douglas Elliman had the listing; Rob Giem of Compass represented the buyer.

• 33 Smithcliffs, a 10,010-square-foot Laguna Beach estate that sold in November for $35.5 million. The home–situated on a front row, bluff-front parcel spanning half an acre—wrapped construction in 2021. Paul Daftarian and Michael Balliet of Luxe Real Estate represented the seller; Johnson Liu of Dynasty Real Estate repped the buyer. 

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