A 9,500-square-foot waterfront mansion on Newport Beach’s Lido Isle has sold for $24 million, a record for the Newport Harbor enclave.
The sale of the seven-bedroom, nine-bathroom home at 103 Via Lido Soud topped the prior record by more than $5 million, the Orange County Business Journal reported. Both the seller and the buyer were undisclosed.
The two-story, Mediterranean-style waterfront home at the tip of the diamond-shaped island included harbor views and 140 feet of water frontage, according to the listing. It has one of the biggest docks in the harbor, capable of berthing several yachts, including one up to 150 feet.
The home, encompassing two side-by-side lots redeveloped in 1990, includes a living room with 22-foot ceiling, with soaring, water-facing windows. It has formal dining and family rooms, a theater and a fitness room overlooking Newport Bay.
A pool and spa sit by the water. The garage fits five cars.
Broker Sean Stanfield of Pacific Sotheby’s International Realty held the listing. Stanfield and Ryan Tarr of Pacific Sotheby’s represented the buyer.
Values for the 117-year-old Lido Isle’s waterfront homes have more than tripled in recent years, according to brokers. Some 25 homes are under construction, half of them on the waterfront. Their combined estimated value nears $500 million, according to the Business Journal.
“If some of the newer properties on the east side of the island were to sell today, they would go for at least $60 million,” Jon Flagg, a global luxury agent at Coldwell Banker Realty and a 21-year Lido Isle resident, told the Business Journal.
Flagg just helped sell two adjacent homes by the same owner in an off-market deal totaling $25.5 million. The new owner has bulldozed the properties and is building a home on the lot. A new home on that parcel would have sold closer to $40 million, Flagg said.
“There’s a lot of quiet money here, with buyers attracted to the social events and beach vibe, without having to deal with the short-term vacation rental issues seen in other beach neighborhoods,” the former tennis pro said.
Prominent residents on Lido Isle include Oculus VR and Anduril Industries founder Palmer Luckey; City Ventures Chairman Craig Atkins; homebuilder Bill H. Lyon, the son of the late General William Lyon; Allergan co-founder Gavin Herbert; R.D. Olson Development CEO Bob Olson; and communications executive Steve Churm, founder of Churm360.
The island is also home to former Apria Healthcare CEO Larry Higby, Boardwalk Investments Group and ioXt Alliance founder Gary Jabara, and local entrepreneur Mike Gray.
— Dana Bartholomew