A historic five-bedroom home in south Laguna Beach’s Three Arch Bay neighborhood has sold for $8.4 million, or nearly two-thirds of its original listing price.
The oceanfront home at 6 Barranca Way first was listed for $13 million.
The deal involved some “creative financing,” said Ron Felsot, an agent with the Newport Beach office of Beverly Hills-based Teles Properties Inc.
Felsot represented the seller, who owned the home for 10 years. David Cox, an agent with D.C. Financial Service in Campbell, Calif., represented the buyer.
The buyer was a local family that lived in Newport Beach and wanted a family estate for their kids and grandkids. The family fell in love with the charm of the French Normandy-style home, Felsot said.
The cliff-side, 5,000-square-foot home has a guest cottage and a private walkway to the beach. The home was built in 1933 by Gen. H.N. Proctor, a World War I officer, according to the city of Laguna Beach.
Proctor returned to Long Beach after the war and became a real estate developer. He used bricks, left in the wake of a Long Beach earthquake, to help build the house.
The house, which Proctor named Cliff Coté, has been registered as a historic property.
Three Arch Bay spans 120 acres and has been home to many artists, musicians, entrepreneurs, surfers and Hollywood elite.
Winnie the Pooh voice actor Sterling Holloway, and movie producer and director Edward Griffith were among local residents, according to neighborhood website light-headed.com.
Pricey Properties
Irvine-based Auction.com is set to auction the highest-priced listing in Orange County—the $37 million Villa del Lago estate at 1 Pelican Hill Road N. in Newport Coast.
The auction will take place April 26.
The 18,000-square-foot estate was caught up in the financial woes of real estate agent John McMonigle, who was one of the primary investors in the property.
Other new listings include 8 Mystique in Newport Coast and 20 Emerald Bay in Laguna Beach, each priced at $35 million.
Surterre Properties Inc. agents Rex McKown and Marcy Weinstein listed the 18,600-square-foot home at 8 Mystique in April. The eight-bedroom home spans two lots in the Crystal Cove neighborhood.
The home at 20 Emerald Bay is listed by Robert Giem of HÔM Sotheby’s International. The 8,000-square-foot, five-bedroom home was listed in January.
A home at 411 Edgewater Ave. in Newport Beach recently sold for $4.3 million via auction.com after drawing 70 registered bidders.
Jamie Moore, an agent with Newport Beach-based Lacova Properties Inc., represented the seller, John Morally. The buyer of the home on Balboa Peninsula wasn’t disclosed.
The property has a private dock for boats of up to 65 feet.
Commercial Sale
Pablo Rener, an agent with Century 21 Masters in Irvine, represented the buyer in the recent purchase of the former headquarters of McMonigle Group in Newport Beach.
Terms weren’t disclosed. The 8,000-square-foot property was listed for $8 million last year.
Kevin Woods of KW Commercial, a division of Austin-based Keller Williams Realty Inc., assisted Rener, who generally works on residential transactions.
There were multiple offers for the “trophy property,” Rener said.
The Las Vegas-based buyer—who plans to lease the building for professional services—has a residence and investment properties in Orange County, said Rener, who met the buyer through a mutual friend.
“The buyer had to be somebody that understood the value of the location,” the agent said.
The land is not owned by Irvine Company, unlike other local tracts, and goes with the building.
The building, just off Pacific Coast Highway, is near other professional offices, including some real estate brokerages.
Rener contacted the building’s listing broker, Paul Jones of Los Angeles-based CBRE Group Inc., when he heard the building was available. Jones represented Pasadena-based OneWest Bank, which foreclosed on the building, formerly owned by real estate agent McMonigle.
McMonigle closed his real estate agency last year after filing for bankruptcy. He is now an agent for Teles Properties.
