San Diego\u2019s Sandcastle mansion just had $15.5 million knocked off its listing price.<\/p>\n
The waterfront spread in La Jolla came to the market in October 2024 for $108 million, and after Thursday\u2019s price cut, it\u2019s now asking $92.5 million. Still, it\u2019s far and away the most expensive home for sale in San Diego, where the city sale record was just set in September with a $47 million deal in La Jolla.<\/p>\n
San Diego didn\u2019t have much of a trophy-home market until a couple of years ago, when La Jolla recorded two $35 million sales. But now, ultra-wealthy buyers from San Francisco and Los Angeles, as well as the East Coast, are looking to the Southern California city because of its quality of life, relaxed lifestyle and \u201cmore reasonable\u201d luxury prices, said listing agent Brett Dickinson of Compass, who shares the listing with his business partner Ross Clark.<\/p>\n
\u201cYou can be very wealthy and fly under the radar,\u201d he said.\u00a0<\/p>\n
Countywide, there have been two sales over $50 million\u2014one a beach home in nearby Del Mar and the other a 1,400-acre ranch farther inland\u2014making a $100 million-plus asking price tougher for buyers to take in.\u00a0<\/p>\n
\u201cBuyers are very conscious of being the first person to buy a property in San Diego over $100 million\u2014that would be a very big deal,\u201d Dickinson said. \u201cSo when you\u2019re trying to break that barrier, sometimes $100 million is too high psychologically for the first person to do that. Now if we\u2019re below $100 million, we all of a sudden become accessible.\u201d\u00a0<\/p>\n
MORE: KISS Bassist Gene Simmons Slashes Price of Beloved Beverly Hills Home<\/a><\/p>\n Billionaire Darwin Deason bought the property and gut renovated the existing home, completing the French-inspired mansion\u2014which gets its name from its resemblance of an elaborate sandcastle rising above the ocean\u2014was completed in 2015. He paid about $26 million for the home plus a neighboring parcel, The Wall Street Journal<\/a> previously reported.\u00a0<\/p>\n Deason, who founded the IT company Affiliated Computer Services and sold it to Xerox in 2009 for $6.4 billion, died in December at age 85.\u00a0<\/p>\n Sited directly on the coastline with a grandfathered-in, 162-foot sea wall, the nearly 13,000-square-foot house was designed to take in the ocean views like one would from a yacht.<\/p>\n \u201cAs you walk into the property, you can\u2019t see the beach below. It looks like you\u2019re actually on the water,\u201d Dickinson said.\u00a0<\/p>\n Mansion Global Boutique: Get Your Lunar New Year Celebration Started With These Picks<\/a><\/p>\n