morekaos
Well-known member
Ok, here we go. What do you think its worth? Or what do you think it will sell for?
I'll open at $15,000,000.00
http://lansner.ocregister.com/2012/04/11/auction-set-for-bankrupt-newport-mega-mansion/160658/
Auction set for bankrupt Newport mega-mansion
A hilltop palace once valued as high as $87 million is set to go on the auction block this month for considerably less after a bankruptcy judge approved the sale of the Newport Coast property.
Owners of the estate once known as Villa del Lago filed for bankruptcy after the project?s lender cut off funding and developers were unable to find a buyer to bail them out.
The auction will take place at the Pelican Hill Resort at 7 p.m. April 26, with simultaneous bidding taking place online.
The sale is being conducted by Irvine-based Auction.com, with a national marketing campaign spearheaded by Newport Beach-based Hom Sotheby?s International Realty.
The opening bid will be established on auction day. And an undisclosed minimum price must be met for the sale to take place.
To participate, bidders must make a $100,000 deposit and provide a letter of credit certifying that they have enough cash to cover their bids.
The buyer must be pay cash since the sale won?t be contingent on getting a loan.
Although the sale appears to be generating strong interest, the price is likely to fall short of the $37 million last asked for the estate when it was on the market. Even at $37 million, the property would sell for less than has been spent developing the unfinished estate thus far.
But the auction will place a definitive value on the property, said Auction.com Vice President Luke Morris.
Once the bidding is done, ?you know that the market has been established,? he said.
More than 700 people attended the first open house held March 25, said Hom agent Rob Giem, who has been marketing the property along with Michelle Queyrel, daughter of one of the property?s backers. Another open house is set for April 22.
?The response has been stronger than what we had guessed,? Giem said.
?We have a number of qualified registered bidders. I don?t think I?m allowed to say how many there are, but there are many,? he said. ?I think this is going to happen. We?re going to make the (court) mandated amount.?
The estate consists of a long, 12.5-acre parcel cascading part way down a hillside on Newport Coast?s inland side. At one end of the property is a palatial, three-story mansion with about 17,000 square feet, twin, V-shaped wings and a 17-car subterranean garage.
Sellers describe the mansion as an ?Italianate villa,? with soaring, triple arches adorning its classically styled facade.
Dominating the property is a man-made lake with pop-jet fountains and a cascading waterfall. The property also has a cave filled with casks of wine, a tennis court, vineyard and horse stables with a small riding area.
For eight years, luxury-home agent John McMonigle was the face of the property he dubbed Villa del Lago, or villa of the lake. It officially came on the market in May 2010 at $57 million.
Real estate professionals praised McMonigle for coming up with a vision for the odd-shaped, inland parcel with a limited ocean view. The partnership bought the land from the Irvine Co. in 2003 for about $3.2 million, county property assessments indicate.
But the partnership ousted McMonigle as the project?s manager and real estate agent after lender OneWest Bank moved to foreclose, propelling the partnership into bankruptcy. In June, the partners hired Giem and Queyrel, who dropped the Villa del Lago moniker.
The property has had its detractors. Its views are mediocre, and it?s outside the nearby gated communities of Pelican Hill and Pelican Crest, detractors say. Although it?s an equestrian estate, there?s no horseback riding nearby.
The buyer must take the property as is, according to auction documents. The house is about 95 percent complete, while the grounds are only about 85 percent complete, Giem said.
But Giem said buyers see potential in the land.
?Most of them have said the parcel is so magnificent,? he said.
Auction.com?s Morris noted that there isn?t a property like it in Orange County.
?There are no comparables,? Morris said. ?This is the last opportunity for buyers to get a property that?s essentially one of a kind in Newport Beach.?
I'll open at $15,000,000.00
http://lansner.ocregister.com/2012/04/11/auction-set-for-bankrupt-newport-mega-mansion/160658/
Auction set for bankrupt Newport mega-mansion
A hilltop palace once valued as high as $87 million is set to go on the auction block this month for considerably less after a bankruptcy judge approved the sale of the Newport Coast property.
Owners of the estate once known as Villa del Lago filed for bankruptcy after the project?s lender cut off funding and developers were unable to find a buyer to bail them out.
The auction will take place at the Pelican Hill Resort at 7 p.m. April 26, with simultaneous bidding taking place online.
The sale is being conducted by Irvine-based Auction.com, with a national marketing campaign spearheaded by Newport Beach-based Hom Sotheby?s International Realty.
The opening bid will be established on auction day. And an undisclosed minimum price must be met for the sale to take place.
To participate, bidders must make a $100,000 deposit and provide a letter of credit certifying that they have enough cash to cover their bids.
The buyer must be pay cash since the sale won?t be contingent on getting a loan.
Although the sale appears to be generating strong interest, the price is likely to fall short of the $37 million last asked for the estate when it was on the market. Even at $37 million, the property would sell for less than has been spent developing the unfinished estate thus far.
But the auction will place a definitive value on the property, said Auction.com Vice President Luke Morris.
Once the bidding is done, ?you know that the market has been established,? he said.
More than 700 people attended the first open house held March 25, said Hom agent Rob Giem, who has been marketing the property along with Michelle Queyrel, daughter of one of the property?s backers. Another open house is set for April 22.
?The response has been stronger than what we had guessed,? Giem said.
?We have a number of qualified registered bidders. I don?t think I?m allowed to say how many there are, but there are many,? he said. ?I think this is going to happen. We?re going to make the (court) mandated amount.?
The estate consists of a long, 12.5-acre parcel cascading part way down a hillside on Newport Coast?s inland side. At one end of the property is a palatial, three-story mansion with about 17,000 square feet, twin, V-shaped wings and a 17-car subterranean garage.
Sellers describe the mansion as an ?Italianate villa,? with soaring, triple arches adorning its classically styled facade.
Dominating the property is a man-made lake with pop-jet fountains and a cascading waterfall. The property also has a cave filled with casks of wine, a tennis court, vineyard and horse stables with a small riding area.
For eight years, luxury-home agent John McMonigle was the face of the property he dubbed Villa del Lago, or villa of the lake. It officially came on the market in May 2010 at $57 million.
Real estate professionals praised McMonigle for coming up with a vision for the odd-shaped, inland parcel with a limited ocean view. The partnership bought the land from the Irvine Co. in 2003 for about $3.2 million, county property assessments indicate.
But the partnership ousted McMonigle as the project?s manager and real estate agent after lender OneWest Bank moved to foreclose, propelling the partnership into bankruptcy. In June, the partners hired Giem and Queyrel, who dropped the Villa del Lago moniker.
The property has had its detractors. Its views are mediocre, and it?s outside the nearby gated communities of Pelican Hill and Pelican Crest, detractors say. Although it?s an equestrian estate, there?s no horseback riding nearby.
The buyer must take the property as is, according to auction documents. The house is about 95 percent complete, while the grounds are only about 85 percent complete, Giem said.
But Giem said buyers see potential in the land.
?Most of them have said the parcel is so magnificent,? he said.
Auction.com?s Morris noted that there isn?t a property like it in Orange County.
?There are no comparables,? Morris said. ?This is the last opportunity for buyers to get a property that?s essentially one of a kind in Newport Beach.?
