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Newport Coast Mansion Sells For Record-Setting $34M In Single Family Sale

Property Image
SOLD
$34,000,000
Paul Daftarian
Abraham Lim

California

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Single Family Residence12,000 SF
Sold 05/09/2023
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Property Image
SOLD

Newport Coast Mansion Sells For Record-Setting $34M In Single Family Sale

1 Shoreridge, Newport Coast, CA 92657, USA

See Similar Deals
Single Family Residence12,000 SF
Sold 05/09/2023
Paul Daftarian
Abraham Lim
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Single Family Residence
Price Per Square Foot:$2,833
Total Square Footage:12,000 SF
Transaction Type:Sale

A recently renovated mansion in Newport Beach's Newport Coast has been sold for a record-setting price of $34 million. The spacious estate measures 12,000 square feet and is located at 1 Shoreridge Drive. It features six bedrooms, eight bathrooms, and a stunning infinity pool. This luxurious property was purchased and renovated by an unidentified seller who relocated to California during the pandemic.

Summary of transaction details:

  • Property Type: Single Family
  • Transaction Amount: $34,000,000
  • Address: 1 Shoreridge Drive
  • Market: Newport Coast
  • Square Footage: 12,000
  • Price per Square Foot: $2,833

Leading the deal were Paul Daftarian from Luxe Real Estate and Abraham Lim from Circa Properties. They represented the buyer and seller, ensuring a successful transaction for both parties involved.

Players

Paul Daftarian
Paul Daftarian
9 deals$238.6M volume
BROKER
Abraham Lim
Abraham Lim
2 deals$68M volume(949) 484-9555
BROKER

Details

SOLD
IMAGE: Abraham Lim & Paul Daftarian DATE: 05/09/2023 ADDRESS: 1 Shoreridge Drive MARKET: Newport Coast ASSET TYPE: Single Family BROKERS: Paul Daftarian - Luxe Real Estate; Abraham Lim - Circa Properties SALE PRICE: $34,000,000 SF: 12,000 ~ PPSF: $2,833 NOTE: A newly renovated mansion in Newport Beach's Newport Coast has sold for a record-setting $34 million. The 12,000-square-foot estate, which features six bedrooms, eight bathrooms, and an infinity pool, was bought and renovated by an unidentified seller who moved to California during the pandemic.

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Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,813,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$120,794.83
Cash-on-Cash Return-1.27%
Monthly Debt Service$161,177.35
Annual Debt Service$1,934,128.15