Newly Built Mansion in Corona Del Mar Sets Local Price

The Southern California luxury residential market wasn’t playing around this week.

A new build in Corona del Mar sold at an all-time price record for the relatively old-money enclave of Newport Beach, securing $48.5 million, or $4,171 per square foot. The 11,600-square-foot mansion at 3512 Ocean Boulevard first hit the market in February for just shy of $52 million.

Nicholson Companies constructed the five-bedroom, 11-bathroom contemporary home which includes a wine cellar, media room, pool and spa. Rising three stories, the property has views of the ocean and Catalina Island.

Steven Sergi and Jason Foreman of Valia Properties represented the seller with Sergi also bringing the buyer.

The previous record holder for Corona del Mar was the 2017 sale of a former mansion at 401 Avocado Avenue known as the Big Blue House, Owned by an Irvine family heir, the home traded for $35 million but was demolished three years later.

In other record-setting news, a penthouse in West Hollywood’s Sierra Towers sold for $36 million, or $4,888 per square foot. The deal marked the priciest condo sale of 2026 and the highest price per square foot ever recorded for a condo in Los Angeles County.

Spanning 7,400 square feet, the three-bedroom condo at 9255 Doheny Road was first listed in early April, asking $39.5 million. The sellers, Chicago-based philanthropists Dan Fischel and Sylvia Neil, purchased the partially completed condo in 2021 for $17.5 million and spent millions on a full-scale buildout carried out over five years.

Carolwood Estates’ Linda May represented the sellers, and The Agency’s Blair Chang represented the buyer.

Speaking of condos, MLT VII LLC — linked in state business records to local multifamily landlord May Ling Yu of MLT Properties — sold the 48-unit condominium at 11925 Kling Street in Valley Village for $15.9 million, or $331,250 per unit. Marcus & Millichap’s Rabbie Banafsheha and Tony Azzi brokered the sale of the property which was purchased by the complex’s original developer, California Home Builders.

Increased dollar volume

Along with strong individual sales, the Los Angeles luxury market saw a significant increase in asking volume of homes that went into contract last week.

There were 28 luxury residences to go into contract last week with a total asking volume of $279.6 million. That’s 10 more contracts than the same period last year and more than double the asking volume.

Leading the charge were two high-dollar Westside homes: Steve Wynn’s 11-bedroom, 20-bathroom mansion at 1210 Benedict Canyon Drive in Beverly Hills which asked just shy of $50 million; and a 30,000-square-foot home at 10250 West Sunset Boulevard in Holmby Hills with an asking price of $43.5 million.

Celeb cameos

L.A.’s celebrity crowd also saw some action this week.

Dakota Johnson inked a quick sale on her Hollywood Hills home, which was on the market for less than a month.

Listing the home at 1657 Marmont Avenue for $6 million, Johnson accepted a $5.9 million bid. Engel & Volkers Beverly Hills agent Ruby Fay held the listing — and Modern California House’s Todd Bachenheimer and Drew Tietz brought the buyer. The home, which Johnson renovated, was popularized in a shoot for Architectural Digest in 2020.

Slower to find a buyer, Kylie Jenner slashed the list price for her Beverly Crest brutalist mansion by $9.5 million. Jenner initially listed the property at 145 North Mapleton Drive in December for $48 million. The makeup mogul bought the 15,320-square-foot mansion in 2020 for $36.5 million.

Over in Beverly Hills, singer and actor Pat Boone, 92, listed his home at 904 North Beverly Drive for just shy of $23 million. The “For a Penny” singer has owned the 1939-built Colonial Revival home, which spans roughly 7,000 square feet and has six bedrooms, since purchasing it for $159,000 in 1960.

Boone said he’s ready to downsize.

“I would probably do better in a smaller place here,” he told Mansion Global. “I don’t need a place this big, but I love it, and I still walk around and enjoy it all.”