A home in Corona del Mar’s exclusive Cameo Shores neighborhood traded hands this month for $25 million.
The sale of the 7,000-square-foot waterfront property at 4541 Brighton Road is CdM’s priciest deal in three years.
The priciest off-market sale for the neighborhood occurred in 2010 with the $34.1 million sale of 4267 Brighton Road, a sprawling, 22,000-square-foot estate referred to as the “Portabello Residence” located a few houses down the street from the recently traded property.
Adrienne Brandes of Surterre Properties had the listing for 4541 Brighton Road.
“It’s probably one of the most beautiful homes I’ve ever been in,” Brandes told the Business Journal. “It’s rarefied air—beautifully done, understated and not at all flashy.”
Brandes’ client parted with the five-bedroom, six-bathroom home, located near the northern edge of Crystal Cove State Park, after minimal usage for years.
“They don’t live in the state full time, so they’ve only stayed in that house for five nights,” Brandes said. “The buyer is basically getting a brand-new house.”
The buyer, who is local, was represented by Mehdi and Aaron Khosh of Berkshire Hathaway HomeServices.
Custom Build
The 4541 Brighton Road home formerly belonged to the late John Whelan, founder of Costa Mesa-based Whelan Property Management. Whelan and his husband, Brad Prescott, designed the home together, which was completed in 2018 after a four-year build.
Whelan, however, died shortly after their home was complete. Prescott then sold the home to Brandes’ client in 2019 for $20 million.
The home boasts panoramic ocean views, direct beach access, a gym with a sauna and a private theater. In the backyard is a built-in grill, fire pit and in-ground spa.
It’s ideal for the home’s new owner, who “likes to entertain quite a bit,” Brandes said.
Subspace Opportunity
Cameo Shores has caught the eyes of several local billionaires, including members of the Segerstrom family. Broadcom co-founder Henry Samueli and his wife, Susan Samueli, who are among Southern California’s top philanthropists, also own property in the community.
“Many of our county’s super elite and most successful residents live in CdM communities,” Paul Daftarian of Luxe Real Estate told the Business Journal. “They can live anywhere, and they choose to be here.”
The neighborhood’s wealthy residents frequently increase their homes’ square footage by developing subspace, brokers note.
Residents of Cameo Shores are prohibited from building upward, since doing so will obstruct other homes’ ocean views.
Instead, homeowners build lower-level space to expand their homes.
“You have the opportunity to create a subspace that’s immersed with the natural circulation of light and air,” Valia Properties’ Tim Tamura told the Business Journal.
“Even though it’s a lower level, it does feel like you’re above ground.”
Collector’s car garages, private gyms, guest rooms and entertainment spaces are popular uses for the lower levels in Cameo Shores’ homes.
Low Sales Volume
Beyond its subspace opportunity, Cameo Shores has been a highly desirable neighborhood due to its vast array of homes with ocean views.
For instance, only two of the community’s 11 streets have homes without views of the sea, according to Daftarian.
Residents of Cameo Shores also enjoy gated beach access and a quiet lifestyle since the neighborhood does not fall under a flight path.
By contrast, CdM’s Irvine Terrace—Cameo Shores’ only “main competitor”—gets airplane noise and counts fewer homes with ocean views, Daftarian said.
Cameo Shores’ sales activity is also among the lowest in the county.
The neighborhood’s offerings and ability to develop multi-car subspace garages and build larger ocean view contemporary properties have resulted in a high concentration of full-time residents who aim to hold onto their property for the long term, according to Daftarian.
“There’s already such little supply, I don’t see prices softening here for the foreseeable future,” he added.
