Capital Group CEO puts Palos Verdes Estates mansion up for sale at $35M
Palos Verdes Estates has some of Southern California’s most impressive estates, but its homes rarely match the lofty listing prices of Bel Air, Beverly Hills or Malibu.
However, on Sept. 12, one of the priciest homes listed in the recent history of the city on the Palos Verdes Peninsula came to market. The 12,500-square-foot mansion at 245 Rocky Point Road was listed for $35 million, or $2,806 per square foot, according to the home’s Zillow profile. The home currently at this address was built in 2016, according to its Zillow profile. The last time the address was on the market was 2007 when it sold for $4.9 million.
245 Rocky Point Road is owned by the Del Mar Trust, which is managed by Timothy Armour, chairman and CEO of investment management company Capital Group, according to property records. The home was listed by Britt Austin and Cari Corbalis of Vista Sotheby’s International Realty.
Asks for other pricey homes in the neighborhood trail far behind. Located less than a mile away, 3300 Palos Verdes Drive West in Rancho Palos Verdes was listed for about $18 million in July. With about 12,000 square feet, this home was constructed in 1997. Another home on the market at 1757 Paseo Del Mar was listed for $14 million. This 4,800-square-foot home, built in 1969, came on the market in January.
The last time the Palos Verdes Estates area saw ultra-luxe prices was in 2016, when Hacienda de la Paz, located at 1 Buggy Whip Drive in the neighboring enclave of Rolling Hills, listed for $53 million. The 51,000-square-foot home offers nine bedrooms and 25 bathrooms. Hacienda de la Paz’s 7-acre estate has an indoor tennis court as well as Moroccan-style baths, according to media reports. In 2018, the home sold for $20 million, according to Zillow.
Seaside homes in Palos Verdes Estates command sweeping views of Los Angeles County’s coast. The enclave hosts several golf clubs such as Palos Verdes Golf Club and Trump National Golf Club.
Despite the amenities, list prices rarely approach Bel Air, located more than 25 miles away. Blame the area’s distance from Los Angeles for the lower prices, said Cynthia Carvel of brokerage Douglas Elliman in Manhattan Beach.
“One of the main reasons why you don’t get a big ask is that it is so remote. It’s 30 minutes to an hour from anywhere,” Carvel said.
She also noted that Palos Verdes Estates is attractive to people who want to get away from big cities.