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Pelican Crest Home Trades for $33.9M

Tops for Newport Coast Neighborhood; Asked $45M

In the first week of the new year, a Newport Coast estate traded hands for $33.9 million including personal property and other fees.

It’s the priciest luxury home sale in Orange County since October and marks a strong start for the area’s high-end market following an active December.

The sprawling Pelican Crest estate at 1 Pelican Crest Drive totals 13,500 square feet and first came on the market in 2021 for $45 million. The sale marks a 32% discount to the asking price.

The home, which counts seven bedrooms and 11 bathrooms, was built in 2010 on a 0.7-acre lot and last sold in 2017 for $24.1 million.

The price is a record for Pelican Crest; the neighborhood and Pelican Hill surround the Resort at Pelican Hill—the Irvine Co. development that includes a hotel, a golf course, spa, retail and meeting space.

This month’s deal bests the prior record for the neighborhood—set in September when 7 Pelican Vista Drive sold for $23.5 million.

Renovation Planned

“It’s one of most premier single lots of any property in coastal Orange County,” Paul Daftarian of Luxe Real Estate, who represented the sellers of 1 Pelican Crest, told the Business Journal.

The undisclosed sellers decided to trade the home in lieu of a smaller property; the undisclosed buyers are planning a “massive renovation,” Daftarian said.

Rob Smith and Michael Franco of Compass represented the undisclosed buyers.

Pelican Crest Listings

Last fall, when the home entered into escrow, there was just one other home for sale in the community.

As of last week, there were six Pelican Crest homes for sale, ranging from a pair of listings at $12.5 million each to a $28.9 million home at 1 Island Vista.

Daftarian has the listing for the latter home, which spans 11,438 square feet with five bedrooms and seven bathrooms.

A nearly 0.5-acre homesite is also on the market in Pelican Crest for $9.2 million, a 3.4% listing price increase from when it came online last March.

The 20,000-square-foot lot “represents one of the last opportunities to build a custom coastal residence within the Pelican Crest community,” according to brokerage materials from Rex McKown and Marcy Weinstein of Compass.

December Deals

December, typically a slower sales month for the residential market, saw five OC homes sell above $10 million for a sales volume of $71.4 million.

All five sales took place in Newport Beach, including two in Corona del Mar.

The top sale of last month was for a bayfront home on Balboa Island. The 5,083-square-foot home at 351 E. Bay Front sold for $21.9 million.

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