A Newport Harbor mansion that set an Orange County record as the area’s most expensive home on its 2008 sale is back on the market at a reduced price of $31.8 million.
Nevada casino and service station magnate Jerry Herbst last week put his six-bedroom waterfront home on the market, according to online housing brokerage Redfin.com.
Rob Giem of HOM Real Estate Group Inc. has the listing for the property, which counts a dock that can hold a 160-foot yacht, among other features.
The high-profile home’s current price comes at a discount, of sorts.
Herbst paid $35 million for the former Newport Bay home of actor Nicolas Cage in early 2008, setting a local record. Cage paid $25 million for the home in 2005.
Herbst is owner, chairman and president of Las Vegas-based Terrible Herbst, which runs gas stations and other businesses in Nevada. He previously lived on another mansion on Linda Isle.
At its current price, the home, part of the private community of Bayshores, is OC’s third-most expensive existing home currently on the market, according to residential brokerage data.
The most expensive existing home in OC currently listed for sale is a $38 million estate in Corona del Mar.
