A sprawling 11,402-square-foot estate in Newport Beach’s Pelican Hill community sold last month for $25.8 million.
The home at 1 Premiere Point sits on Newport Coast’s front row, overlooking Pelican Hill Resort and the coastline of Newport Beach and Corona del Mar.
Its sale marks the highest-priced transaction reported for the 130-home neighborhood last year. The trade is also among the top five sales of all-time for the 92657 zip code, according to listing agent John Cain of Pacific Sotheby’s International Realty.
“We had lots of interest from outside the county and overseas for this home,” Cain told the Business Journal. “But at the end of the day, a local buyer snapped it up.”
The undisclosed buyer was represented by Fei Li and Rui Dai of Keller Williams Realty Irvine.
The prior owner of 1 Premiere Point paid $14 million for the home in 2014.
The six-bedroom, nine-bathroom French-style estate features entertainment spaces, a two-story library, theater, an infinity pool and a terraced lower yard with a koi pond.
The home also touts a subterranean level with a gym and guest quarters that, albeit underground, feels ground-level due to the home’s design.
“You can walk right out of the basement into the yard,” Cain said.
Pelican Hill is one of the most prestigious communities in Southern California, according to brokers that worked on the deal.
The neighborhood, which is completely made up of custom homes, has attracted a host of notable residents, including best-selling author Dean Koontz.
Koontz’s Pelican Hill estate set the record for Orange County in 2020, when it sold for $50 million to mortgage industry exec Glenn Stearns, founder and CEO of Kind Lending. The author now lives in Shady Canyon.
The ultra-wealthy have flocked to neighborhoods such as Pelican Hill for its safety and proximity to the beach, world-class dining spots and luxe shopping centers like Fashion Island, Cain said.
“Every community in Newport Coast is gated,” he added. “Post-pandemic, that’s an amenity that people really want.”
Newport Coast has been outperforming every coastal enclave in OC, according to Cain.
Demand for the area, much like other OC coastal communities, continues to be high with little inventory, due to the limited amount of undeveloped land.
That area and the rest of Newport Coast have caught the eyes of prospective buyers across the state and the globe.
Homebuyers from Los Angeles and San Francisco have had their eyes on OC coastal neighborhoods for years, brokers note.
Pelican Hill saw a purchase from an overseas buyer in October with the sale of 5 Sail View for $16 million.
Interest from China bounced back earlier this year, starting with homes in Irvine’s Shady Canyon.
The return followed a slowdown in local activity from Chinese buyers during the pandemic due to the Chinese government’s tightening control on outside investment, tariffs and a weakening yuan.