An iconic property in Spyglass Hill has sold for $17.97 million, marking one of the highest residential transactions in the neighborhood and signaling new momentum for luxury properties that offer panoramic coastal and city views.
Listing agent Paul Daftarian of the Daftarian Group and Luxe Real Estate told the Business Journal the new owner “fell in love” the moment he stepped inside the 7,109-square-foot Tuscan-style estate at 25 San Mateo Way, which had been available for the first time in nearly two decades.
The property, originally listed for $18.99 million in September, closed after roughly four months on the market.
The five-bedroom, 5.5-bathroom residence sits on a 1.4-acre lot with sweeping views of Newport Coast, Pelican Hill Golf Course, the Pacific Ocean, Catalina Island, Newport Harbor, and, on clear nights, city lights visible toward downtown Los Angeles. Nearly every room of the estate offers these views, according to the listing.
Daftarian described the home, which displays a U.S. flag on the backyard flagpole, as a well-known fixture in the neighborhood and beyond. The custom home was built 25 years ago.
“It’s an iconic property,” Daftarian said. “So many people have driven by it over the years because it sits along a main access road. During the holidays, the owner would string red lights up to create a giant Christmas tree effect. It’s just been part of the landscape.”
Daftarian said the home’s views rank among the best in Orange County.
“Out of all the homes I’ve seen across the county, this had one of the most expansive views,” he said. “It was incredible.”
The home includes resort-style outdoor amenities, including a pool with a slide and waterfalls, a spa, and a built-in barbecue island.
Spyglass Hill Neighborhood
Originally owned by the Irvine Co. and developed by the Lusk Co. in the early 1970s, Spyglass Hill is considered one of Newport Beach’s first master-planned neighborhoods and launched the development of several hillside communities in the city.
The neighborhood of single-story and custom-built homes is one of Orange County’s premier view neighborhoods, Daftarian said, defined by its elevation and sweeping sightlines. The neighborhood sits above Pacific View Memorial Park and south of the San Joaquin Reservoir.
Daftarian said that historically, many of these homes have sold for $5 million to $10 million. When Daftarian initially listed 25 San Mateo at $18.99 million, many local observers and agents raised their eyebrows. Some, he said, questioned whether buyers would pay a premium for that architectural style rather than newer, modern, contemporary designs, many buyers seem to favor in many of Orange County’s luxury markets.
Instead of repositioning the property as a teardown, Daftarian refreshed and staged the home to present it as move-in ready.
“It wasn’t modern or transitional, which is what a lot of buyers want,” Daftarian said. “But we made it feel turnkey.”
According to Daftarian, the eventual buyer lived nearby in a smaller home with a view but sought more space. After touring the property, he said, the buyer was “spellbound” by the panoramic setting.
“When the buyers walked in and saw the view, there was nothing else that could talk them out of it.”
Daftarian said the sale at such a high price in the Spyglass Hill neighborhood could influence price valuations for future listings in the area.
“I think the sale gave other sellers confidence,” he said, adding that some agents have already placed nearby properties on the market at similar price levels.
See here for the list of top 25 homes sold in 2025.
