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.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

A Mini White House in Mississippi

Colonial Revival ‘Mini White House’ on an 8-acre plot in Mississippi for sale for just £299,000 or £56 per square foot; the mini mansion is listed on the National Register of Historic Places.

Monster of the Moment – Dr Walter Palmer

Reprehensible “driller killer” dentist Dr Walter Palmer will forever be remembered for slaying ‘Cecil The Lion’; the sexual harasser of his own employees has now gone and done it again – this time the monster massacred an endangered ram.

Cheaper Than Fiction – A Bargain in The Boltons

Cheapest, smallest house on the best side of one of London’s most sought after streets, The Boltons, comes up for sale; the tardis like building was home to novelist-politician Jeffrey Archer and his scientist wife Mary in the 1970s.

Mackintosh Icebergs

‘Iceberg home’ formed in part from the former Glebe Place, Chelsea, SW3 studios of Charles Rennie Mackintosh and his wife for sale for sum 1,178% higher than in 2012.

Firing Up A 20th Century Limo

‘Stretched’ 1994 Toyota Century for sale for less than the price of a brand new Ford Fiesta; the rammed full of gadgets limousine comes with a food heating compartment and privacy curtains favoured by notoriously shy Japanese people even.

A Life in a Sentence

Matthew Steeples finds amusement in Twitter handles; a life in a sentence can be found on some of the best profiles.

Moving On – July 2020 – Capone, Conran & Kennedy

Moving on homes owned by the newsworthy – including a country house apartment in a castle currently owned by Jasper Conran and the childhood homes of Al Capone and Jackie Kennedy.

Berkoff on Bears & Barbarians

Acclaimed actor, writer and producer Steven Berkoff responds to an article in ‘The Times’ featuring an image of a sub-human barbarian with a polar bear he’d mercilessly slayed.

Bigging-Up a Bargain Mini Mansion

‘Stately’ ‘Cape Cod style’ ‘mini mansion’ in North Carolina with 1.14 acres of land for sale for just £44,000; it is situated in a town that was the birthplace of the biggest ever American, a very fat and very tall man named Mills Darden.

A Security Lobotomy at The Botanist

‘The Steeple Times’ reports on anything but a ‘Super Saturday’ at The Botanist on Sloane Square; we share here imagery and a video of a thieving woman whom must be caught.

What’s Dershowitz Got To Hide?

Matthew Steeples questions why Alan Dershowitz is getting so enthusiastic in his defence of the vile paedo procurer Ghislaine Maxwell.

Runners & Riders – The Coral-Eclipse 2020

‘The Steeple Times’ takes a look at the seven horse Group 1 Coral-Eclipse 2020 at Sandown and opts for a tasty outsider for an each way bet.

Will Ghislaine Maxwell Motor On?

As a poll reveals the public believe Ghislaine Maxwell will ‘suicide herself’ in a similar manner to her former master Jeffrey Epstein, the Cash & Rocket ‘charity’ unbelievably announce they are going ahead with another rally in 2021.

Runners & Riders – The Oaks and The Derby 2020

‘The Steeple Times’ analyses the selections for a somewhat damp double at Epsom on ‘Super Saturday’; we suggest enjoying The Oaks and The Derby 2020 at home.

Hooping A Half Price Mansion

Vast Edwardian mansion with basketball court in the roof in Watseka, Illinois for sale at half price it listed for in 2016; it’s on for just £20 per square foot.

Wally of the Week – Disgraceful Dimwit Darren Grimes

As manipulated millennial Darren Grimes gets himself into yet another racism storm with the help of his beloved bigot Dr David Starkey, one has to ask: “Who is this cretin’s puppet master?”

Weather Now

London
broken clouds
21.6 ° C
22.8 °
20 °
37 %
2.1kmh
65 %
Sun
24 °
Mon
23 °
Tue
20 °
Wed
20 °
Thu
21 °