When a New York hedge fund manager and his wife paid $70 million for an oceanfront property in Laguna Beach, they set a new sales record in Orange County, California.
New York biotech hedge fund manager Joseph Edelman, the CEO and founder of Perceptive Advisors, and his wife Susan Lebovitz-Edelman paid $70 million for an oceanfront property in Laguna Beach. The house is one of around a dozen in Abalone Point’s Irvine Cove neighborhood. They set a new sales record in Orange County, California.
However, according to The Wall Street Journal, the deal to purchase the home was completed off-market and did not go smoothly. In May, a neighbor sued the seller, alleging that the seller violated various homeowner association covenants. That neighbor made an offer to purchase the property through a right of first refusal, but the seller rejected the offer. The Journal says that the matter is still pending.
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The couple purchased an approximately 1-acre property in the gated community of Abalone Point, which sits on the Pacific Ocean and features streets named after wealthy locations such as Monaco drive, Monte Carlo drive, and Riviera drive.
According to the Real Deal, the approximately 18,000-square-foot main property contains five bedrooms, a professional kitchen, a wine cellar, and a screening room.
The property features also a pool cabana and a two-story glass guesthouse.
According to the publication, the Edelmans posted their New York City penthouse for sale in March and were leasing a nearby residence at the time of the deal. The seller’s identity was not disclosed.
According to the Journal, another house in the vicinity was marketed for $60 million last year but was withdrawn off the market. Last year, a neighboring property in Newport Coast, California, sold for $61 million.
