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http://www.dreamhomesmagazine.com/Home124289.html

Grand Italian Palazzo

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DREAM HOMES Web #124289

Newport Coast

Offered at $ 67,000,000

6 Bedrooms ,7 Baths ,2 Half Baths



1 Pelican Vista Dr

Newport Coast, CA 92657

This grand Italian palazzo is a work of art, gracing an ultra-private half-acre "canvas" set against a dramatic oceanview landscape. Magnificently appointed with a no-stone-unturned approach to glamour, luxury and European artistry, this 6 bedroom, 7 and 2 half bath residence boasts the finest finishes. Highlights include: Social rooms (bar, billiards, and screening rooms), gardens and oceanview terraces designed for gala entertaining; indoor pool with full spa/excercise facilities; 10+ car garage.
 
I know a good deal when I see one! I'll take it!

Seriously, how does one go about setting the price at 67 mil? Why not 42 mil or 57 mil or hell, even 88mil??
 
i think its completely random. look at this nearby 12 acre parcel.

http://www.dreamhomesmagazine.com/Home124668.html

can someone who knows more about land values (IR?) explain how this might work? even assuming the former home is much nicer (although it seems silly saying that when comparing two $67mm homes), on a more desirable street, has a better view, and most of the land is unusable in the latter property, i'm having a hard time finding the justification for a half acre property in pelican hill being worth the same as another property in the same neighborhood with a lot 24 times larger.
 
these grand estates (is a 5 br ,even in pelican hill, an estate?) are really creepy looking when they don't look lived in. a fountain that's filled with standing water instead of running certainly adds to that abandoned haunted mansion vibe.

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there was a $103M sale for a hamptons estate in july. trump was listing a palm beach mansion at $125M recently but i think the price has been lowered. i recall that house because the season 2 apprentice took on that project after winning the show.

this 30,000 sq ft home in CDM was once considered the most expensive home in america. listed at $75M and been on the market for 2 yrs now.

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http://www.dreamhomesmagazine.com/Home123164.html

(can we move this over to water cooler?)
 
I caught that house on Redfin, acpme, and I have to say it is the ugliest thing I've seen. If I had the money I would buy it, just to tear it down and build a normal looking house.
 
Wow. I'm speechless. My sister in law lives up there on Pelican Hill. Those houses do have an incredible view of the ocean. Never dreamed it would be a $67 million dollar view. But...wow. That's crazy.
 
That big CDM house looks like a melted version of the LAX "spider" restaurant.

An oceanfront view gets a little boring because there's nothing in the foreground. At night it's just like looking into a void. Oh well, that wouldn't be the worst thing in life, I guess.
 
Am I the only one who thought portabello refers to the mushroom of which this house resembles? If memory serves me, this is the house with the basement that has a street scene with shops and cinema.
 
some more factoids about the house i pulled from google searches.

the owner is frank pritt, founder of a tech company called attachmate. he retired in the mid 90s and bought 3 lots in cdm for $12M to build the house.

a 20 ft crater had to be dug to house the entertainment level, which includes a theater, bowling alley, and cafe. he said he wanted to recreate the feel of his small hometown in virginia. there is clearly nothing virginia about the house so you're prob right that theres a streetscene facade in the basement.

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According to the home's title report and Zillow, the home's estimated value is $29 million, based on land of $13 million, and improvements of $16 million.

so i guess they tacked on a 30% premium for the privilege of saying your house was featured on OPRAH.
 
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