A massive estate in Lido Isle traded for $30 million this month in the island’s priciest sale to date.
The deal for the 9,400-square-foot home bested the island’s prior record by $6 million.
The bayfront property, which includes a main home and guest house, spans across three-and-a-half lots.
“There’s not much like it in the whole harbor,” Pacific Sotheby’s International’s Ryan Tarr, who double ended the deal with Sean Stanfield, told the Business Journal.
While the 875-home island counts a few double lots, the property, at 309 Via Lido Soud, is the only one in the community that stretches over three lots, brokers noted.
“Triple lots in this area are super rare,” Stanfield said.
The sellers of 309 Via Lido Soud are philanthropists Mike and Lori Gray. Mike Gray’s family founded Irvine-based women’s apparel company St. John Knits, where he formerly served as president.
The new owners of the turnkey home are undisclosed.
“All I can say is that they’re local, and they really appreciated the attention to detail we put into the property,” Gray told the Business Journal.
The trade for 309 Via Lido Soud is also the highest sale for Newport Beach, excluding Newport Coast, where homes have gone for as much as $55 million.
Another standout feature of the home is its floating bathtub, which resembles a hammock.
The tub, which appears to be hanging from the ceiling, went viral on social media earlier this year with over 200 million views, according to Gray.
105-SF Frontage
Unique to 309 Via Lido Soud is the 75 feet of water frontage lining the property’s main house. The guest house has around 30 feet of water frontage, bringing the home’s total facade to 105 square feet.
“There are only a handful of properties in the harbor that have more than 100 square feet of frontage,” Tarr said.
One of those properties is 103 Via Lido Soud, which held the prior record of $24 million for the most expensive home sold on Lido Isle. Tarr and Stanfield also double ended that deal, which closed last August.
The 103 Via Lido Soud property spans across two parcels but sports over 130 square feet of frontage.
The expansive size of 309 Via Lido Soud also allows for other unique features, such as its substantial dockage space, which can hold up to four boats, depending on the size of the vessels.
Most docks on the island can only hold a boat or two, according to Tarr.
Lido’s Popularity
Demand for homes in Lido Isle has climbed over the past few years.
Three of the seven luxury deals topping $15 million in Orange County over the past month were for Lido Isle homes.
“People are now realizing that Lido Isle brings a great lifestyle,” Tarr said. “It’s located on the correct side of PCH, you have security there, multiple tennis courts, the sailing club, the little beach on the harbor, accessibility to the freeway and is walkable to Lido Village.”
Valuations on the community, the largest of Newport Harbor’s nine islands, have more than tripled in recent years, according to brokers.
“Living on the waterfront is such a unique experience—you go from looking at a picture to actually being part of the picture itself,” Gray said. “You hear laughter—you never see people unhappy on a boat, and that energy just flows right into your house.”
