June 3, 2007

Where the Surf Meets the Turf - For $35 Million

While the fourth parcel of the $50 million Del Mar beach front estate of San Diego money manager Arthur Nicholas closed escrow on May 30 as expected, the name of the buyer caught some by surprise.

When the four parcel beach front compound was originally listed for sale in July 2005 for $50 million, it was done with the condition that all four lots were to be sold together. So with the recent purchase of three of the parcels for $13.15 by Gary Jacobs, son of Qualcomm founder Irwin Jacobs, it was thought by more than a few that it would be a Jacobs on the grant deed for the crown jewel.

Instead it was Rancho Santa Fe’s Madeleine Pickens, widow of race horse owner Allen E. Paulson and wife of corporate raider turned trader T. Boone Pickens. According to The Union-Tribune, Pickens paid $35 million for the property on Ocean Front in Del Mar that features a 5,204 square foot home with 120 feet of prime beach footage and an 800 square foot guest house. It is the highest sale price of any home sold in San Diego County, breaking the 2000 record of $25 million for another Del Mar property just up the beach.

Mrs. Pickens has placed two of her other properties on the market. A home overlooking the Del Mar Racetrack is on the market for $5.5 million and her five acre Rancho Santa Fe estate is listed for sale at $26.9 million.

 

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San Diego FSBO Aug. 10, 2007

At $35 mil, that works out to over $6,700 per sq ft. Now every seller in Del Mar is going to over price their property.

Rancho Santa Fe Real Estate Dec. 2, 2007

Pickens has impeccable taste in real estate. The RSF estate is a gem.

Cape Coral Real Estate Broker Dec. 2, 2007

I wish I could get the Pickens clan to take a look at coastal Florida.

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