A $30 million oceanfront house in Corona del Mar is now selling for just under $20 million after its owner went through three price cuts in four months.
Dubbed the Crown of the Sea, the house originally was listed for $29,995,000 in January. Last week, the price was cut to $19,995,000.
“Honestly, this is as far as we’re going to go on price,” said Jason Morrison of Windermere Real Estate, the seller’s agent. “We wanted to price the property as aggressively as possible to catch (buyers’) attention, and pricing it under $20 million would do that.”
Morrison said that the goal is to make Crown of the Sea — perched on the rocks overlooking Big and Little Corona beaches — “a must show” property for high-end buyers.
Located at the south end of Ocean Boulevard, the home was designed by renowned architect Brion Jeannette, who also designed the Portabello Estate, which once was marketed for $75 million.
The 7,000-square-foot, three-bedroom home features curving glass walls along the ocean-side of the house, affording a view of the ocean from almost every room in the house. An elevator whisks visitors from the entry at the top to the middle level, where the kitchen, living room and master quarters are located.
At the lowest level, there’s a billiard/entertainment room with a sunken wet bar, two bedroom suites, an exercise room, wine cellar and wine tasting room.
The owner, Morrison said, “is motivated to sell. He believes that right now this pricing will generate offers.” Interest has picked up since the latest price drop, Morrison said.
On the Orange County Register website.
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