Laguna Beach oceanfront estate sells for half its original ask

The palazzo traded for $33M, less than a month after Warren Buffett slashed the asking price on his nearby vacation home

Sep.September 24, 2018 04:08 PM
The Laguna Beach palazzo, center with pool in the foreground, faces the ocean. (Google Maps)

There’s been another deep price cut in Orange County’s rarefied luxury real estate market.

An oceanfront palazzo in Laguna Beach’s Irvine Cove sold for $32.7 million, precisely half its original asking price, according to the Orange County Register. The home was originally listed for $65 million in 2013.

The sellers were Ronald and Yolanda Loder. The couple had purchased the land from Joan Irvine Smith. They spent the last eight years building the estate, then trying to sell it, the paper reported.

The buyer was an LLC registered as Abalone Point.

The deal came less than a month after Warren Buffett slashed the price on his vacation home in Laguna Beach, which is now listed at $7.9 million, from $11 million.

Meanwhile, the Irvine Cove property has 17,000 square feet of living space, and is one of five homes in the community that is directly above the beach.

The main house at 2585 Riviera Drive was completed in 2010. It has four bedrooms, a wine cellar and tasting room, fireplaces imported from Europe, a full gym and a massage room, along with an elevator. The property also includes a six-car garage with hydraulic lift, a swimming pool that faces the ocean and a guest house.

Despite recent price cuts, Laguna Beach has seen some steep residential trades recently.

Last month, billionaire hedge fund manager Bill Gross and Sue Gross — now divorced — spent almost $150 million in separate transactions on four Laguna Beach homes in the span of about a month. [O.C. Register]Gregory Cornfield

Related Articles

Max Fowles-Pazdro and the spec home in Beverly Hills Post Office

Amid stalling luxury market, Beverly Hills spec home trades for $43M

Malibu Real Estate Investments principals Bedros Oruncakiel and Kirkor Suri

Malibu spec mansion lists amid softening luxury market

Chandler Parsons and his property on Stone Canyon Road (Credit: Getty Images)

Durant wants out of Malibu, and now Chandler Parsons is listing his Bel Air mansion

CoreLogic's Andrew LePage and Orange County (Credit: Wikipedia)

SoCal housing market shows signs of life, with a caveat: report

Bridge Housing CEO Cynthia Parker and a rendering of the view from Walnut and Anaheim (Credit: SVA Architects)

Fully affordable complex set to rise in vacant Long Beach lot

Tracy Tutor and her Brentwood home

Tracy Tutor of “Million Dollar Listing ” asking a lot more for Brentwood home

Anton Lessine and 321 South Bristol Avenue, and Behati Prinsloo and Adam Levine with their home (Credit: Getty Images and Zillow)

This week in celeb real estate: Adam Levine unloads $45M home, a Hollywood film producer sells in Brentwood…and more

Anton Lessine and 321 South Bristol Avenue (Credit: Getty Images)

Hollywood producer Anton Lessine sells Brentwood Park mansion for $17M