Crystal Cove estate bought for $30m sells 7 months later for $38.9m
A luxury estate in Crystal Cove, California, has sold for $38.9 million, just seven months after its previous purchase for $30 million. The property's value is attributed to its rare double-lot configuration and exclusive location.
Why it matters
The rapid appreciation of this property highlights the extreme volatility and high demand within the ultra-luxury real estate market in Southern California.
In the world of ultra-luxury real estate, the most valuable homes are often defined by what cannot be easily replicated: land, privacy and even location. In Crystal Cove of Newport Coast, one such property just changed hands for $38.9 million, seven months after its previous owner acquired it for $30 million. Set across a rare 1.1-acre double lot, the Tuscan-inspired estate combines expansive grounds with oceanfront-community exclusivity, making it one of Orange County’s notable luxury sales this year, states an online report by the Orange County Business Journal.The 12,347-square-foot property at 1 Clear Water was purchased by a high-net-worth buyer relocating from elsewhere in California.
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