Land cost for Newport mansion - Lansner on Real Estate

Land cost for Newport mansion: $15.5 million

August 17th, 2011, 9:30 am ? 5 Comments ? posted by Jeff Collins

John W. Adkisson, The Register

Last week we reported that Orange County billionaire George Argyros was building a 16,000-square-foot mansion on the shores of Harbor Island overlooking Newport Harbor?s main channel.? (To see slide show, CLICK HERE!)

Argyros' new "Parcel 1" created when he combined neighbor's Lot 32 with his own Lot 31/Click to enlarge

We learned later that county records show he paid $15.5 million for the lot next door to one he already owned ? or $200 to $566 more per square foot than neighbors paid for Harbor Island land.

The consolidation of the two lots paved the way the mansion?s construction on the site formerly occupied by two existing homes.

Argyros, owner of apartments and commercial real estate, purchased the larger, neighboring lot in March 2007. He tore down two existing homes and broke ground on a three-story four-bedroom home with two garages, an elevator, wine cellar, large living, dining and family rooms and an exercise room just off the master suite.

The pink, Mederterranean-style palace appears to be nearing completion after up to three years of construction.

It?s hard to place a value on something as rare as waterfront property in Newport Harbor.

But the price Argyros paid appears to have been higher than amounts paid per square foot for two other parcels sold recently on the man-made island:

• The lot Argyros bought has roughly 9,250 square feet, according to county records. At $15.5 million, it cost Argyros about $1,675 per square foot.
• By comparison, neighbor Bill Gross, founder of bond management firm Pimco, appears to have paid about $200 to $400 less per square foot when he purchased a home on a double lot six doors down two years ago.
• The Orange County Assessor?s office pegged the land value on Gross? 18,150-square-foot parcel at $23 million ? or $1,267 per square foot ? when he bought it in August 2009. He since has demolished the house on the property and put the bare ground up for sale this summer for $26.5 million ? or $1,460 per square foot range.
• Argyros? land cost also appears to be $566 per square foot higher than neighbors paid for the land at 18 Harbor Island 14 months ago.
• County records priced the land at 18 Harbor Island at $19.6 million following the June 2010 sale of that property. The home sits on 17,694 square feet, putting the value at $1,110 per square foot.

Whatever he paid, Argyros should be able to afford it. Forbes ranked his fortune at $1.7 billion, among the 300 biggest in the United States.

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Source: http://lansner.ocregister.com/2011/08/17/land-cost-for-newport-mansion-15-5-million/120695/

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