Pricey Newport Beach Mansion Shaping Up

A mansion expected to sell for $87 million is nearing completion in Pelican Hill, Newport Beach, five years after it was first announced in 2005. First valued at $50 million, the property is now worth 205 Orange County homes at the latest median price of $425,000.

The 12.5-acre property, named Villa del Lago, is not yet open for viewing but opened its gates temporarily last week, allowing photographers to sneak pictures from the entrance and from the nearby hills. The main house is said to sit amongst such features as a vineyard, a private lake, a tennis court, and equestrian stables.

Villa del Lago was created by Monarch Estates developer John McMonigle amid doubts from real estate experts that such an expensive property would sell--even with a relatively modest $50 million asking price and the strong market activity at the time.

At its current price, Villa del Lago comes close to matching the most expensive sale in the country: Donald Trump's Maison de L'Amitié, sold for $90 million in 2008. It would also dwarf Orange County's priciest home sale to date, a Newport Harbor mansion sold for $35 million in the same year by actor Nicolas Cage.

A few experts think the price hike may be an attempt to raise the home's value, and many have noted that the home is behind schedule (it was supposed to be on the market by 2007). The McMonigle Group refused to give any comments, but have previously stated that $87 million was more of a placeholder than the official price.

Newport Beach officials seem to support the project as well, saying it is set to become an important landmark and will be handed down for generations. But with the market still in a slump, the property may spend years on the listing before being sold.

 

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