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Saturday, Jun 15, 2024

$38M for Crystal Cove Mansion

A massive, newly built estate in Newport Coast’s Crystal Cove community traded this month for $38 million, tied for Orange County’s priciest residential trade of 2024 with another Newport Coast property.

The 18,336-square-foot property, at 20 Coastline Drive, was sold off market to a local buyer.

The sellers, OC locals Tom and Annette Haigh, were represented by Compass’ Marcy Weinstein and Rex McKown.

Coldwell Banker Realty’s Michelle Linovitz negotiated the deal on behalf of the undisclosed buyer.

Brand New

Construction on the home finished in March. The property went into escrow several months prior, giving the buyer the “rare” opportunity to make changes to the home before the sale closed and before construction was complete, Weinstein told the Business Journal.

Among the changes were modifications to the property’s cooking areas, in addition to other personal touches.

Perched atop the Crystal Cove hillside, the six-bedroom, 12-bathrooom home touts wrap-around views and an elevated level of privacy, with no neighbors on three sides of the property.

Amenities of the home include a nine-car garage, an infinity pool, a home theater and a wine cellar, among other features.

TRC Development built the property and Todd Haigh handled its design.

Bronze Beauty

The home is one of the few new construction properties in Newport Beach’s coveted Newport Coast community.

The property’s brand-new finishings, sizable lot and prime location all contributed to its hefty price tag.

The 20 Coastline home is tied with 20 Castellina Drive, which also sold this month, for the fifth-most expensive property to trade in Newport Coast. The community’s priciest trade was 15 Del Mar, which sold for $61 million four years ago.

The 20 Coastline property is also among the largest homes by livable space in Newport Coast.

Slowdown, Off-Market Deals

Activity among luxury deals north of $20 million is seeing a slowdown, according to Weinstein.

“The buyer pool is limited” for homes of that caliber, she said.

Many owners who put up their luxury homes for sale opt to do so off market.

Listing a home off market can be ideal for luxury property owners who want to maintain a high level of privacy, according to Weinstein. Selling off market also allows the homeowner to be more selective with the buyer.

OC’s residential recordholder was also sold in an off-market deal for $70 million, 18,000-square-foot oceanfront Laguna Beach mansion bought by hedge fund manager Joseph Edelman.

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Sonia Chung
Sonia Chung
Sonia Chung joined the Orange County Business Journal in 2021 as their Marketing Creative Director. In her role she creates all visual content as it relates to the marketing needs for the sales and events teams. Her responsibilities include the creation of marketing materials for six annual corporate events, weekly print advertisements, sales flyers in correspondence to the editorial calendar, social media graphics, PowerPoint presentation decks, e-blasts, and maintains the online presence for Orange County Business Journal’s corporate events.

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