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Tuesday, October 27, 2020

Flying a White Elephant

Orange County mega-estate sold last for £14 million on an original asking price of £67 million offered for sale again for £43 million after death of owner

 

The largest residential estate on the Newport Coast of California is back on the market. One Pelican Hill Road North in Newport Beach – alternatively known as ‘Villa Del Lago’ or ‘Villa of the Lake’ – is a property with an extraordinary past and though listed on construction for £67 million in 2009, eventually sold at a fire auction in 2012 for just £14 million. Its subsequent owner, a Japanese industrialist and publisher, death has now resulted in it being placed for sale again and this time £43 million is sought.

 

Situated on a plot of 12.47 acres and comprising 17,706 square foot of ‘Italianate-style’ accommodation, One Pelican Hill Road North was last marketed as having 8 bedrooms and 17 bathrooms. On a new, dedicated marketing page for it, it is now being promoted as having, amongst other things, 2 screening rooms, a china/silver room, an “indoor lap pool with fibre optic twinkling star ceiling”, a 14-car garage and a “wine cave”. Outside, there is a “cascading private lake”, stabling, a riding ring, a putting green, an “organic edible garden” and potential for a vineyard.

 

Jeffrey Janger and Linda Janger of Pace Properties have the listing currently but given another agent, Michael Gosselin of Surterre Properties, previously commented: “Newport Coast has yet to see any homes sell for more than $20 million (£15.5 million)”, it’ll be likely there’ll be a few price cuts yet.

 

One Pelican Hill Road North – The Extraordinary Numbers

 

2003 – Land purchased for $3.2 million by Monarch Estates. Subsequent construction loans total $27.3 million.

 

February 2009 – Completed house placed for sale for sale for $87 million by a realtor named John McMonigle, the managing member of a partnership developing the project.

 

May 2010 – Price reduced to $57 million.

 

January 2011 – Three offers received, all were below $37 million and not accepted.

 

April 2012 – Offered at a court-sanctioned auction with “no opening bid sought”. Sold for $18.5 million to Toshiaki Ogasawara, an industrialist and publisher of the Japan Times.

 

January 2017 – Placed on the market after Ogasawara’s death in December 2016 for $55 million.

 

Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties. Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.Flying a White Elephant – One Pelican Hill Road North, Newport Coast, Newport Beach, Orange County, California, CA 92657 – Once listed at £67 million and sold for £14 million. Now for sale again for £43 million after death of owner Toshiaki Ogasawara – Offered by Pace Properties.

5 COMMENTS

  1. Due to the positioning sea views are virtually non-existent on this lot. The price is too high once again and it will come down a lot more. Terrible decor too – Margaret is right there.

  2. The first ever house here I truly love!!!!!!!!!!!!!!! It isn’t steel and glass ——- which I would preference —— but it has got all the toys!!!!!!!!!!!!!! Well worth every $$$$$$$$$$$$$$$$$$$$$!!!!!!!!!!!

  3. What an eyesore.
    This is the type of place an ex car sales person, who’s made their millions and wants to show it off, no taste.
    It’s almost like, Antiques made to order.
    Speaking as a not property professional of course.

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