A Newport Coast estate that's created buzz for years - even before it was built - hit the Multiple Listing Service on Tuesday for $55 million.
Set on nearly 12.5 acres, the eight-bedroom estate is on the largest private-home parcel in Newport Beach.
A private gate house leads to a three-story villa of more than 17,000 square feet facing a secluded, 1-acre-plus lake. A horse stable and riding ring, lighted tennis court, putting green and pool pavilion combine to create a "world unto itself," the listing states.
Amenities include a master wing with living and screening rooms, a room specially designated for china and silver, a conservatory, an indoor swimming pool and a professional-caliber kitchen, as well as a caterer's kitchen with a roll-up door.
The home's cavernous interiors reveal soaring ceilings and marble and limestone finishes, with iron work and gold leaf accents.
A wine cave is located along the lake. The grounds include an organic edible garden, and there's space for a vineyard.
The 14-car, climate-controlled garage, the listing says, is a "collector's dream."
John Stanaland of HOM Sotheby's International Realty and Linda Janger of Pace Properties in Beverly Hills represent the home.
Toshiaki Ogasawara, an industrialist and publisher of the Japan Times, bid $18.5 million to buy the estate at 1 Pelican Hill Road North during a court-sanctioned auction in 2012. He died late last year.
Before the auction, the estate was known as "Villa del Lago" – or villa of the lake. Villa del Lago had an asking price as high as $87 million before the price dramatically dropped over several years.
As the project was being built, developer and high-profile Realtor John McMonigle ran into financial problems. The home eventually was auctioned off as part of a bankruptcy case, and Ogasawara beat out the other bidders.
The property is in the vicinity of the 5-Star Resort at Pelican Hill.
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