Million-Dollar Homes Crop Up In Upper Newport Bay

Another high-end home has hit the market at the Upper Newport Bay Nature Preserve, an area increasingly known for its multimillion-dollar properties, with an asking price of $13.9 million.

The equestrian-zoned home, sitting on a 4.5-acre lot and boasting an 11,000-square foot riding area, is the largest of its kind in Newport Beach. Built in the 1950s, the 5-bedroom, 4-bathroom property has recently been renovated and boasts a spa, swimming pool, and four fireplaces.

Similar properties have been turning up in the Back Bay area, the most prominent being a $95-million estate that is still in the works. A two-home estate, also equestrian-zoned, also went on the market last year for just under $11 million.

Just next door to the new home is a $7.5 million estate with similar zoning. The home offers 10,000 square feet of living space, 9 baths, and 7 bedrooms, perched on a 2-acre lot on Mesa Drive. The home first went on the market in March with an as-is price of around $20 million, but with an option to buy for $95 million and replace it with a mansion three times as big.

Homes in Upper Newport Bay rarely went on the market until the real estate crisis hit. Since then, the area has been seeing more and more market activity, particularly in upscale properties. Many are going for prices relatively lower than the current market.

A few experts have hinted at the possibility of someone snapping up both properties on Mesa Drive for a sprawling 6.5-acre estate. Some say the idea isn’t too far-fetched, considering the area’s usual clientele of wealthy businessmen and property investors.

 

Earlier in Newport Beach Real Estate News:
Newport Wins Award for Best Beaches
Newport Beach Home On Private Island Hits Market for $28 Million
Old Newport Beach Building To Be Transformed