Laguna Beach mansion listed for $112m sells for $82.57m

A contemporary oceanfront mansion in Laguna Beach, California, that hit the market in July this year has sold for $82.6 million, according to a report by Homes.com. The sellers are car dealership owner David Wilson and his wife, Holly Wilson.

The sale was Orange County's second-priciest residential deal ever, despite the property selling for 26% below the asking price.

Bought for $16 million in 2001

David Wilson, owner of Wilson Automotive Group, a privately held dealership company with businesses in California, Arizona, Nevada and Mexico, bought the mansion in 2001. He paid $16 million for the 14,400-square-foot mansion, which has eight bedrooms and 15 bathrooms, according to The Wall Street Journal.

Over the next two decades, he continued to spend on the property. He added a cinema, a two-bedroom guest house and an office.

He also paid for erosion-control work and upgrades to bring the property in line with current building codes.In July, listing agents Meital Taub and Jill Lockhart of Livel Real Estate put the mansion on the market for $112 million. Earlier this week, the property found a buyer for $82,569,990, 26% below the asking price.

What the buyer gets

The estate covers more than 14,434 square feet on just over an acre. “Commanding one of the most extraordinary positions along the Laguna Beach coastline, this landmark oceanfront estate spans more than an acre of direct beachfront with a level of scale, privacy and coastal presence that could never be recreated,” the listing says.The mansion was designed by renowned architect Fred Briggs. The residence is among California’s elite homes, according to the listing, and combines “rare acreage, architectural significance and direct beach access”.

The mansion is set behind two gated entrances on a private street, offering exceptional privacy, security and seclusion. It has private beach access and resort-like amenities, including a pool, a spa, an amphitheatre, a tennis court, a wine cellar and a wellness centre with a waterfall. Another highlight is the primary suite, which offers breathtaking ocean views. The mansion also has a private library and a ceiling that opens.

“The residence expands to more than 2,000 square feet of additional oceanfront terraces, creating a seamless extension of the home for effortless entertaining,” the listing says.Set apart from the main house, the guest house has two en suite bedrooms, a private entrance and an ocean-view deck. The mansion also has an eight-car garage with a catering kitchen and a private entrance. The listing describes living on the property as a “once-in-a-generation opportunity”.

The artwork in the home includes pieces by Picasso and Andy Warhol, which were available for purchase separately.

Meanwhile, the Wilsons' property ranks as the second-priciest residential sale in Orange County's history. The top spot belongs to a $110 million oceanfront home in Emerald Bay, a gated enclave in Laguna Beach. The home was sold in June for the highest price the county had ever seen, according to a report by the Los Angeles Times.

That deal was an off-market transaction that closed quietly.

John Stanaland, the agent behind June's $110 million deal, told the outlet that Orange County is seeing a rise in the number of luxury buyers. "We've always been one of the destinations, and I think we're increasingly becoming the 'it' destination. You're going to see more of the $100 million-plus deals, especially when the market turns around, which it will,” he told Homes.com.According to Taub, demand for such homes comes mostly from other Californians, particularly residents of Los Angeles and Northern California. "People really value the lifestyle we have here. It's far enough to feel like a vacation, but close enough that you're close to everything,” the agent told the outlet.