Laguna Beach property with 320 feet of oceanfront lot on sale for $50 million – Orange County Register

For the first time in nearly 30 years, a 3.7-acre property in Laguna Beach in the Paradise Cove neighborhood just north of Three Arch Bay has quietly come up for sale.

As first reported by Robb Report, the asking price for the privately-listed property is $50 million.

Billed in promotional materials as “the largest estate on the Orange County coast,” the estate consists of 11 lots with 320 feet of shoreline. The property is protected by a private road with separate entrance and exit that stretches from Coast Highway to the shore. Three homes, a sports court, and an outdoor kitchen are set among the terraced lawns and assorted trees that define the property.

Stairs lead down the cliffs from the gated beach to sandy beaches, caves and historic saltwater pools set amongst the rocks.

There is a deck 30 feet above the beach with unobstructed views.

Targeted at families and investors, the property argues that the privately owned land offers multiple development and conservation opportunities.

The selling agent for the property is Lindsay Clark Shields of Engel & Völkers.

The facility belongs to a Nevada limited liability company controlled by Gary Lee Groves, a former emergency physician who founded Pacific Physician Services in Redlands in 1983, records show.

Groves retired as chairman and CEO in 1995 shortly before the company merged with physician management company MedPartners/Mullikin Inc. for $332 million.

A year later, in November 1996, records show, Groves bought the Laguna Beach estate for $5.2 million. At the time of the sale, the Los Angeles Times reported that Groves had acquired the property from a family that had owned it since 1923.

Shields told Robb Report: “After owning the property for 28 years, the family is entering a new chapter in their life, which opens the opportunity for a buyer to realize their own vision for this heritage property.”

Redfin has eight homes listed in Orange County priced above $50 million. The most expensive is a $150 million mansion on 42 acres in San Juan Capistrano, with plans approved and permitted for a development along the ridge. But the most expensive to date is a $70 million mansion in Laguna Beach that sold in November 2021 to hedge fund billionaire Joseph E. Edelman in an off-market transaction.