Pelican Hill Estate Still In The Market Despite Funding Issues

Construction for Villa del Lago, a $57-million, 12.5-acre Newport Beach estate, has been put on hold due to funding issues, but the project remains marketable, according to real estate developer McMonigle Group.

Touted as the most expensive home in upscale Orange County, Villa del Lago will boast an artificial lake and equestrian facilities around an 18,000-square foot mansion in the scenic Pelican Hill community in Newport Coast.

About 90% of the work has been done, according to realtor John McMonigle, who has listed the home and given tours to a number of prospective buyers. However, the firm, which specializes in upscale properties nationwide, has no plans of resuming anytime soon.

Onlookers say the property still looks largely unfinished, with major landscaping yet to be put in place. But McMonigle says the home's interior is completed, making it ready to list and show. He says work will resume as soon as a final buyer is found.

The rest of the work would take up to half a year, after which the home would be ready for occupancy, according to McMonigle. However, it could take more than a year if the buyer wants custom features like larger horse stables.

Funding became a problem for Villa del Lago when its lender, La Jolla Bank FSB, was turned over to the Federal Deposit Insurance Corporation (FDIC) earlier this year, cutting off the McMonigle Group's access to financing.

The project was then taken up by investment firm One Pelican Hill Road North LP, allowing it to be brought to marketable condition. The rest, according to McMonigle, had to be financed out of the developer’s own pocket.

 

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