$57 Million O.C. Home for Sale
If you've got an extra $57 million to spare and like Southern California, Villa del Lago might be the home for you.
While many have lost their houses and others are struggling to keep theirs, developers like John McMonigle are building properties for the uber-uber-rich. Villa del Lago is his latest to hit the listings and is on the market in Newport Coast, Calif. for $57 million -- down from his original price of $87 million three years ago, when construction began.
In most areas this would seem to be an extremely high price tag, and to be clear, it is the highest-priced property for sale right now in Newport Coast, which is an area of Newport Beach. But when the listings page for an area has six properties above $16 million you are clearly not in Kansas anymore.
While there are obviously people with deep pockets, will a $57 million home sell in this market? And does this home coming on the market signal a turn for real estate, or does it just mean that, for the uber-rich, life goes on?