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Sunday, Oct 2, 2022

Linda Isle Comings & Goings Include $11.7M Sale

Maybe the third time will be the charm for Precision Castparts Corp. Chief Executive Mark Donegan and his wife, Pamela.

Last month, the couple sold a second Linda Isle home in about a year, the latest one going for $11.7 million. The house, at 38 Linda Isle in Newport Beach, was bought by an entity linked to Mission Viejo-based Exchange Resources Inc., according to property records. Exchange Resources specializes in 1031 exchanges.

Rob Giem of Compass represented the buyer and seller.

The 5,421-square-foot Regency-style home in the exclusive gated island community has four bedrooms and five bathrooms, and unobstructed harbor views.

Its master suite has his-and-hers bathrooms and dressing rooms. There’s also an elevator, six fireplaces, a bar and den. Listing details show the property has 50 feet of waterfront and one of the largest deep-water private docks in the harbor, accommodating a vessel of up to 81 feet.

The couple purchased it in October for $11 million from Whittier-based Oltmans Construction Co. Chief Executive Joseph Oltmans II, and his wife, Annette, founder of nonprofit The Mend Project.

Last fall, Donegan sold a different Linda Isle home for $27 million to a trust linked to Jeffrey Frieden, co-founder of Irvine-based online real estate auction firm Ten-X. It was among the five biggest home sales of the year in Orange County.

Donegan, who’s headed Precision Castparts since 2002, helped guide the Portland, Ore.-based maker of industrial goods for the aerospace industry through its 2015 acquisition for $37.2 billion by Berkshire Hathaway in one of the biggest-ever buys of Warren Buffet’s firm. He’s still with the firm, whose affiliated operations have several OC offices.

Busy Street

Nearby on Linda Isle is another eight-figure listing.

The 71 Linda Isle property recently hit the market with an asking price of $12.5 million, or $2,639 per square foot, according to a listing on Zillow.

The 4,737-square-foot waterfront home was remodeled in 2016 and has four bedrooms and five bathrooms.

It has a chef’s kitchen featuring an oversized center island with breakfast bar; a wine cooler wall; an office; and a bayside living room with fireplace opening onto a terrace. Upstairs, the master suite has two bathrooms including a steam shower, and its own private terrace with harbor views.

The property’s private dock was refinished and can accommodate yachts of up to 65 feet.

Property records show the home was purchased in 2005 for $5.7 million.

Michael Shank of Compass holds the listing, according to Zillow. He declined to comment on the listing.

Furniture Included

A cliff-side Laguna Beach home on Circle Drive with a clear, circular-shaped elevator is asking for $10.9 million.

On the opposite side of Coast Highway from Mission Hospital, the contemporary-style home is 3,417 square feet with four bedrooms and five bathrooms.

Each floor of the three-story property has movable glass walls and terraces with heating and speakers. It also has four fireplaces, a home theater, a smart-home system, and a camera and security system. The property also has private beach access.

It’s a few blocks north of Thousand Steps Beach, one of the largest beaches in South Laguna Beach.

It’s being sold fully furnished.

Records show the home last traded hands in 2016 for $7.5 million.

Mauricio Unmansky, Phillip and Michael Caruso of The Agency have the listing.

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