An oceanside Laguna Beach property sold for a record-breaking $110 million on June 9 in a rare and secretive high-end real estate deal in Emerald Bay.
The all-cash, off-market deal beat Orange County’s previous record of $70 million, also for an oceanfront property in Laguna Beach, by $40 million.
Little is known about the buyer or seller, other than that they are “very private and highly sophisticated,” The Agency’s John Stanaland told The Real Deal. Stanaland represented both parties, who are likely extremely wealthy.
The seller is under Faith 5 LLC, and the buyer is Delaware-registered Dlareme LLC, according to the OC Register. Dlareme is “Emerald” spelled backwards.
Pictures of the property are limited, but it appears to be a multi-story mansion overlooking the Pacific Ocean. Each floor looks to have large glass windows, offering spectacular views. It sits on the end of a row of homes on the beach in Emerald Bay.
Stanaland, who has closed about $4.5 billion in residential sales, said the property is one of the highest-end he’s ever seen.
“The build itself is probably the highest end I have ever seen, and I sell a lot of high-end real estate,” he said.
The home is 4 bedrooms and 4.5 bathrooms and spans 6,068 square feet, according to property records.
The agent said the home received several high offers as it was being constructed, some close to the $110 million mark. He said competition in the Emerald Bay and Irvine Cove area is fierce and more homes should sell in the $100 million range soon, with lots closing in on the $70 million mark.
He’s seeing buyers flee from the LA area to OC, resulting in “more and more of the high-end” sales in the area.
“Orange County offers a different lifestyle, away from big city noise and traffic,” he told the OC Register. “The abundance of high-end, guard-gated communities is also a huge selling factor for those who value privacy.”
Stanaland said to “stay tuned” for more high-end sales in the near future.
“We will absolutely see more transactions in the nine-figure range. The ultra-luxury inventory in coastal Orange County is a lot larger than most realize,” he said.
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