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