Newport Beach Mansion Selling At $2 Million Profit

A waterfront mansion on Linda Isle, an exclusive Newport Beach community, is selling for $2 million more than its purchase price two years ago, recent listing reports show. As most other homes bought in the same period have lost value, the home is attracting much attention from real estate experts and investors.

The home was purchased for just over $13 million in 2008 and is currently listed at $15.5 million. Listing agent Scott Van Dyke says the boost came from the numerous upgrades and improvements made on the home, many of which he designed and put in himself.

Built by automotive CEO Ted Jones in 2004, the home was originally styled with a Bali-inspired theme, an unusual look in the upscale neighborhood. Van Dyke says he gave it a more conventional look that would appeal to more buyers.

The mansion offers a total floor area of 6,400 square feet, which includes four bedrooms and five and a half baths. It also boasts a billiards room, private gym, wine cellar, and a recently upgraded boat dock able to accommodate yachts up to 85 feet.

The sellers, a couple who bought the property as a second home, decided to let go of it as they lived mostly out of town and were not getting much use out of their investment, according to Van Dyke.

The price increase doesn’t seem to have turned buyers away: Van Dyke reported that just days after the home was listed, it had already received offers from four seriously interested buyers.

 

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