LAGUNA BEACH — A record-shattering $110 million sale in Emerald Bay has established a new benchmark for Orange County real estate, underscoring the growing demand for the region’s rarest oceanfront properties.
The “one of one” oceanfront estate in the exclusive North Laguna Beach community set a new price record for residential property in Orange County, agents told the Business Journal.
John Stanaland, a luxury real estate agent with The Agency, represented both the buyer and seller in the off-market all-cash sale of 20 Emerald Bay in Laguna Beach.
Stanaland told the Business Journal that he signed a non-disclosure agreement, preventing him from sharing the names of the buyer and seller. He described them as “both highly sophisticated, phenomenally cool and great to work with people.”
Stanaland did not share any features or details about the property, except that it is a custom-built estate of about 10,000 square feet, completed in 2021.
Exclusive photos shared with the Business Journal by a local resident show a multi-story, contemporary-style home sitting right on the sand in Emerald Bay.
The house features ocean-facing balconies, floor-to-ceiling windows and unobstructed views of the Pacific Ocean.
Public real estate records and online listings previously described a home on that lot measuring 6,400-square-foot with four bedrooms and four-and-a-half bathrooms on a 3,900-square-foot lot.
Stanaland, a longtime luxury broker who has sold nearly $5 billion in real estate, said he is not surprised by the record-breaking sale and believes it shows the direction of Orange County’s luxury market.
“Great sale for Orange County and particularly South Orange County,” Stanaland said. “To me, not overly surprising because I think you’re going to see more of it.”
‘One-of-One Property’
The multi-story home sits on an oceanfront lot with direct access to the sand at the southern end of Emerald Bay.
“It’s a phenomenal property, one of the highest-end, if not the highest-end build I’ve ever seen,” he said. “It’s a one-of-one location in my opinion, a one-of-one house.”
Stanaland said the sale also highlights the rising value and demand for Orange County’s limited supply of top oceanfront real estate.
When supply is scarce and demand is high, values always go up.
He said replacing a property like this today would be extremely difficult because of building restrictions, high construction costs, and the lack of available coastal land.
“If you factor in the lot cost and the replacement cost, it’s actually in excess of what the property sold for,” he said.
According to Stanaland, the seller received several unsolicited offers exceeding $100 million while the home was still under construction but initially had no intention of selling, having built the residence as a long-term family home rather than a speculative development.
“It was built as a forever home,” Stanaland said.
Emerald Bay
The home is located in Emerald Bay, a guard-gated community of about 538 homes in unincorporated Orange County, about a mile south of Crystal Cove and two miles north of downtown Laguna Beach. Residents pay HOA fees ranging from $700 to $900 a month.
The private enclave, which features a half-mile-long beach for residents, has attracted prominent business leaders and billionaires for decades.
Notable homeowners have included investor Warren Buffett, who once owned two homes in the community, Henry Nicholas, co-founder of Broadcom and members of the Fertitta family, whose fortune comes from casino operations and the UFC.
The property is also near the beachfront home of homebuilder Cary Bren.
“Emerald Bay and Irvine Cove are probably the priciest real estate up and down the coast,” Stanaland said. “There are a number of homes there that can be traded in excess of over $100 million.”
$100 Million Future
The sale confirms a prediction Stanaland made three years ago, when some coastal homes were selling for $40 million to $60 million in coastal Orange County.
In a 2023 interview, he predicted that Orange County homes would eventually sell for more than $100 million. He said he knows several coastal properties currently off the market that could reach similar or even higher prices.
“I actually stated you’re going to start seeing $100 million-plus sales in Orange County,” he said. “This is what you’re going to see. You’re going to see the ultra-high-end luxury market continue to grow.”
Stanaland said the buyer paid most of the purchase price in cash, which is common at this end of the market that operates separately from fluctuating mortgage rates or what’s happening in the broader economy.
He said that for buyers at this level, the appeal goes far beyond just investment returns.
“It’s about lifestyle,” Stanaland said. “In my opinion, there’s no better place to live than Orange County. People who can afford it are willing to pay for it.”
