Real Estate

Foxhill Estate is Back on the Market for $49 Million, but this Time with More Buying Options

It’s not everyday that you hear about a “buy-two-get-one-free” deal in high-end real estate, but then again there’s nothing average about La Jolla’s Foxhill Estate.

Foxhill Estate covers 30 acres of rolling beachside property. It was originally 32 acres when it was first listed on the market in early 2020.

The Southern California estate was divided into four locations, with a 1.5-acre parcel sold last year for $5million.

The $28 million main house sits on approximately 8 acres. There are also 22.4-acre and 1.77-acre parcels. These parcels are priced at $24 and $8 million.

For those who want to invest in the whole estate, they can purchase it for $49million, or $11million less than the sum of its individual parts.

At that “discounted” price, the property still stands to be the highest-priced residence ever sold in San Diego County.

Andy Nelson, president and owner at Willis Allen Real Estate, believes that the Foxhill Estate’s high price is due to more than its size. “There aren’t many places in the country that have such spectacular views of the ocean and a private, reclusive setting while still being right in the middle of a big, active city.”

While there are no current homes built on these two sites, plans for development are moving ahead, including the obtaining of a coastal development license for the 1.77-acre plot.

Foxhill Mansion is more than 20,000 sq. feet in living space. This includes ancillary buildings. James Copley, a newspaper publisher built the French-inspired home in 1959. It includes 10 bedrooms and 14 bathrooms. There are also additional guest houses and a swimming pool.

The parceling of the estate comes at a much needed time for San Diego’s real estate supply, which continues to reduce precipitously, according to Nelson.

“Inventory enters the market when somebody says, ‘I’m selling so I can buy something else.’ Well, when there’s not anything else, then they’re not selling,” he says. “So our inventory has dropped off.”

Nelson also says that there is less supply than ever, and that this has resulted in a cautious real estate market. The luxury specialist recommends that you buy sooner than later. “In my opinion, there’s going to be some people kicking themselves next year for buying later instead of now, because there’s still a lot of great opportunities.”

Drew Nelson and Tim Nelson, brothers from Willis Allen Real Estate, own the listing at 7007 Country Club Drive.

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Willis Allen Real Estate has been selected as an exclusive member Forbes Global Properties, a consumer marketplace and membership network of elite brokerages selling the world’s most luxurious homes.

Original article at www.forbes.com

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