$95-Million Home Planned in Newport Bay

Plans are currently under way for a 29,000-square foot property in northern Newport Back Bay, one of the priciest sites in Newport Beach. While still a good three years away from completion, its proposed price of $95 million has already attracted widespread interest both in and out of Orange County.

The property—which would include a tennis court, a chip-and-putt golf course, a winery, and a guard house—will likely be the biggest home in the county, according to Mark Whitehead, a listing agent from Surf and Country Real Estate.

Once sold, it would also be Orange County’s most expensive sale, surpassing current titleholder Villa del Lago in Newport Coast. Expected to be unveiled within a year or two, the property has a tentative asking price of $87 million.

Whitehead also confirmed that the project has been approved, and that the project architect is already working on the plans.

The home was listed on the Multiple Listing Service today, following an earlier listing Saturday offering only the two-acre parcel and the 10,000-square foot existing home for about $20 million. This, according to Whitehead, can invite buyers who prefer the undeveloped property.

Building costs for the house itself are estimated at $1,200 to $1,500 per square foot, which means a total cost of between $35 million and $43.5 million. Whitehead explained that they plan to use imported timber and stone and add detailed finishing touches, setting the home apart from the rest of Newport Beach.

Final renderings are expected within the next two days, and will then be turned over to city authorities for approval. The latter can take up most of the year, and construction will begin as soon as it is approved. Including construction time, the project can take anywhere from 3 ½ to 4 years to complete.

 

Earlier in Newport Beach Real Estate News:
Corona del Mar Homes Hardest To Sell In O.C.
Corona Del Mar Home Sells At $12 Million Cut
Newport Beach Makes California Top 10 Gains List