Just a Couple $20M Sales

By Dave Fratello | August 7th, 2017

You know Manhattan Beach homes have gotten pricier by the year.

So you probably figured that, by now, $20 million real estate sales would be a thing.

Well, yes. Twenty million dollar sales now have happened here, but there hadn't been one before 2017.

And now we have 2 this year. We had a first, then another soon after.

814 Pacific Avenue Manhattan Beach CAThe latest $20M sale is a deserving one.

814 Pacific Ave. is a true one-of-a-kind home. We don't mean that in the way you hear it sometimes, as polite code for a home that's quirky. No, here, that means there isn't another one like it, and you wouldn't expect another to come along.

Its 23,000+ sqft. plot of land is just about double the size of two recent lot sales at the bottom of Pacific (500 Pacific [$5.700M] and 512 Pacific [$6.100M], each with large 11,400 sqft. plots).

It's about triple to quadruple the size of the lots found under typical homes in MB, east or west of Sepulveda.

814 Pacific Avenue Manhattan Beach CAMoreover, that's not just any old huge plot. It's on an absolutely prime section of the western side of the hill, near the crest. There are few homes higher up, either on Pacific or John.

814 Pacific Avenue Manhattan Beach CAThe sheer vastness of the property (by beach town standards) is well concealed and even minimized by a thicket of well-cultivated shrubs acting as a privacy screen for the enormous, grassy lawn. A modest second building running along 9th St. suggests only a cute vintage home on a large lot, if you don't realize that's actually an outbuilding of the whole estate.

Yes, estate's a good word for it.

The 6br/6ba estate divides its 10,000 sqft. of living space between that main house and the outbuilding, which itself conceals a happy secret: An underground complex featuring a wine grotto, game room, media room and more. If there weren't so much house and grounds to enjoy elsewhere, this awesome space would make the sale.

But there's a lot more.

The photos almost do it all justice. (See more here in the listing online.) The official property website has video & more photos & details: www.814PacificAve.com. (Warning: Extensive drone video can be a bit dizzying.)

Ocean views from the upper floors, great entertaining spaces downstairs, opening to the yard with large pool.

The whole package is carried off with a dedication to detail and an authentic East Coast flavor... minus the East Coast liabilities of steamy summers and months and months when you can't even go outside.

So for a buyer to get something that big & special in a prime location in the Manhattan Beach Hill Section, it was going to cost... $20,000,000. The sale closed Friday.

Curiously, the start price was $22.500M, so that's a markdown. But at this level, that seems like a rounding error.

It was always a big question as to who might appreciate the special combination of factors that came together to make this house at 9th/Pacific in the Hill Section such a unique and valuable proposition. Turns out, the buyers come from the same basic area, so they're uniquely positioned to "get it."

1000 The Strand Manhattan Beach CAOnly two months before this $20M sale, Manhattan Beach saw its first: 1000 The Strand, a ~5000 sqft. corner lot in view of the pier. 

Sale price in late May: $21.000M.

Of course, that's just the beginning. It's a lot sale for prime dirt. Now they still have to build a house worthy of the $20M location.

Both properties were marketed as "once in a lifetime" opportunities. And both may well have been right.

And both became MB's first $20M sales.

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