Laguna Beach mansion breaks OC record sale price at $70 million

An oceanfront property successful Laguna Beach’s guard-gated Abalone Point has softly changed hands for $70 million, shattering Orange County’s all-time terms record.

The 18,000-square-foot, Italian palazzo-style residence with a five-bedroom main location and all-glass impermanent location with an ocean-facing excavation sold Nov. 18 successful an off-market deal, besting the Crystal Cove mansion that sold for $61 million successful 2020. Hedge money billionaire Joseph E. Edelman, laminitis and CEO of the New York-based Perceptive Advisors is the caller proprietor arsenic archetypal reported by the Wall Street Journal and independently confirmed by the Southern California News Group done a records search.

Edelman and his wife, Susan Lebovitz-Edelman, sought retired the spot portion leasing different location successful the neighborhood.

“They specifically wanted thing connected a ample batch that was newer and preferably successful a gated community,” confirmed Jon Curci of Compass whose workfellow Rex McKown helped correspond the buyer, who helium refused to name.

Curci, who was referred to the purchaser by Michelle Luhan of Compass successful New York, knew conscionable the spot connected a flat, one-acre oceanfront parcel supra the sand.

“That’s similar uncovering a unicorn,” helium said by telephone from Newport Beach. “It’s uncommon to find acre parcels connected the water successful Southern California, and to find 1 successful Orange County with a newer location truly was the cleanable location for my client.”

Completed successful 2010, the location is 1 of 12 oceanfront homes successful Abalone Point wrong the Irvine Cove community. It past sold to Abalone Point LLC successful 2018 for $32.7 million, spot records show, aft 5 years connected and disconnected the market. It initially deed successful 2013 for $65 cardinal and dropped respective times.

Evan Corkett of Villa Real Estate represented the purchaser astatine the time. On Monday, Corkett declined to place the seller down the LLC but said her lawsuit “put his ain touches connected the house” and made improvements without immoderate volition to sell.

That is until Curci called.

“Evan got backmost to maine aboriginal that time and said the seller would see selling for $70 million,” helium said. “From our perspective, we truly deliberation that my clients got a bully deal.”

The Edelmans took ownership of the spot amid a breach of declaration suit filed against Abalone Point LLC by neighboring spot proprietor Cliffhanger LLC connected May 10 successful Orange County Superior Court. According to the Wall Street Journal, the lawsuit is ongoing.