In the world of ultra-luxury real estate, the most valuable homes are often defined by what cannot be easily replicated: land, privacy and even location. In Crystal Cove of Newport Coast, one such property just changed hands for $38.9 million, seven months after its previous owner acquired it for $30 million. Set across a rare 1.1-acre double lot, the Tuscan-inspired estate combines expansive grounds with oceanfront-community exclusivity, making it one of Orange County’s notable luxury sales this year, states an online report by the Orange County Business Journal.The 12,347-square-foot property at 1 Clear Water was purchased by a high-net-worth buyer relocating from elsewhere in California. The six-bedroom, 10-bathroom compound includes a sprawling main residence and a detached guesthouse, offering the scale and privacy typically associated with much larger estates, the report adds.
A rare double lot
According to Orange County Business Journal, the property’s greatest asset may not be its interiors but the land beneath them. The estate occupies two neighbouring parcels that were acquired separately in 2008 and later combined into a single 1.1-acre property. Double lots are exceptionally scarce within Crystal Cove’s gated community, where available land is tightly held and large contiguous parcels are difficult to find. The configuration gives the estate an unusually expansive footprint, while its position offers unobstructed views and a sense of separation from surrounding homes.The Penske family previously owned the property. Records show that a trust associated with Jennifer Lynn Penske, wife of automotive executive Roger S. Penske Jr., held the estate before it was sold to Pelican Real Estate Fund LLC for $30 million in January, the online report adds.
European-inspired grandeur
Built in 2012 by Irvine-based Pridemark Contractors Inc., the residence draws heavily from European and Tuscan architectural traditions. The 10,464-square-foot main house is complemented by a 1,883-square-foot detached guesthouse equipped with its own elevator.The interiors have since received a series of largely cosmetic updates. The new ownership refreshed furnishings, replaced window treatments, updated landscaping and addressed deferred maintenance, giving the home a more contemporary presentation without undertaking a major structural transformation, explains the online report.Its amenities reinforce the property’s resort-like character. An infinity-edge swimming pool overlooks the grounds, while a putting green, gym and media room cater to leisure and entertainment. A six-car garage adds further convenience to an estate designed around privacy and space.
A $38.9 million finish
The property entered the market in January with an asking price of $46.5 million. That figure was subsequently reduced to $42.995 million in May before the sale closed on August 3 for $38.9 million. At roughly $3,151 per square foot, the transaction ranks among the year’s significant high-end residential deals in Orange County. It also highlights the premium attached to properties that combine substantial acreage with a coveted Crystal Cove address.For the new owner, the appeal lies in having something increasingly difficult to secure in one of Southern California’s most tightly held communities: a true private compound with room to breathe, extensive amenities and the rare luxury of two adjoining lots.Image Courtesy: Orange County Business Journal
