Daily Real Estate News  |  August 20, 2007  |   Calif.: Del Mar Property Selling for $76 Million
A property with 5.7 acres of ocean-front real estate in Del Mar, Calif., is on the market for $76 million, three times what the sellers paid seven years ago.

The 1937 Colonial-style 10,000-square-foot mansion that was on the property and in good condition when it was previously sold has since been gutted. The home was previously owned by the late William and Sally Tippett, who donated it to Scripps Memorial Hospital under terms of a 1995 life estate. It was featured in Architectural Digest a few years ago.

Neither the owners, Bill and Carol Stensrud, nor the listing agent Brian Guiltinan, would comment, but local observers say that a demolition such as this one is sometimes done to increase the value of the property, which is subject to strict land-use regulations. Retaining key portions of the structure can sometimes preserve previous nonconforming conditions for future construction, such as height, setback and lot coverage.

The estate consists of three contiguous parcels, measuring 3.5 acres, 1.9 acres and 0.2 acres, enough for two large new homes. Del Mar Planning Director Linda Niles says recently enacted city policies will require any new construction to meet current height, setback and square footage limits.

Source: The San Diego Union-Tribune, Roger Showley (08/17/2007)