A home in Corona del Mar’s Cameo Shores neighborhood traded last month for $22 million.
The 8,154-square-foot property, at 4639 Gorham Drive, sold above its asking price of $21.5 million.
The deal is among the priciest for coastal properties behind the front row in Newport Beach, brokers note. It’s also the fifth priciest overall sale for CdM.
The property saw multiple offers in its first week on the market, including from buyers in Las Vegas and Northern California.
A local buyer, however, won the four-bedroom, nine-bathroom home.
Listing agents on the deal were Tim Tamura and Jason Foreman of Valia Properties. Coldwell Banker Realty’s Tim Smith represented the undisclosed buyer.
The property, featuring contemporary architecture envisioned by Geoff Sumich, underwent development in 2020 under the guidance of Chris Marsh, former president of Irvine Co.’s apartment development division and founder of Cherry Tree Capital Partners. The development made the home the first in its neighborhood extend its subterranean living space from one property line to the other, according to brokers.
Features of the home include ocean views, an infinity pool, a wellness spa, a lounge with a 200-bottle wine wall, a billiard table, butler pantry, a subterranean car collector’s garage and—unlike in many luxury OC homes—an open seating area with a wall-to-wall TV in lieu of a home theater.
“Home theaters are a bit passé,” Foreman told the Business Journal during a tour of the property. Buyers have more recently embraced living areas that don’t sequester guests into separate rooms while entertaining, he added.
The home’s new owner also paid an additional $1 million for the home’s furnishings, brokers said.
Local Brokers Head
To Pacific Sotheby’s
A handful of brokers specializing Orange County luxury real estate have recently moved from Coldwell Banker Realty to Pacific Sotheby’s, less than a year after Newport Beach-based brokerage Villa Real Estate LLC folded into Coldwell Banker’s Southern California division.
Among those brokers are Steve High and Evan Corkett, who both led the charge after Pacific Sotheby’s offered High the opportunity to mentor other agents on a daily basis—something he says he missed when Villa Real Estate, where he formerly served as president, merged with Coldwell Banker last May.
“At Villa, I didn’t run the business, but I ran the people and created the culture,” High told the Business Journal. “In the transition to Coldwell Banker, I went back to being a selling agent.
“Now, Pacific Sotheby’s is giving me a role very similar” to the one he had at Villa.
It’s a welcome change for High, who says that “leading people is my skill set.”
“It invigorates me,” he added.
Joining High and his partner, Corkett at Pacific Sotheby’s, are agents Kim Bibb, John Flagg and Tim Carr.
The group is now part of a significantly smaller team than that of Coldwell Banker. Pacific Sotheby’s local division counts about 150 agents, while Coldwell Banker’s Newport Beach and Laguna Beach offices have about 500.
The smaller size of Pacific Sotheby’s team is familiar for High and his fellow former Villa Real Estate members. Prior to its merger with Coldwell Banker, Villa Real Estate listed close to 130 agents on its website.
“I think the smaller, boutique brokerage firm is better for me,” High added.