A Bankrupt Real Estate Agent's $87 Million California Home Hits The Auction Block

$87 million newport home

Photo: Redfin

A bankrupt real estate agent’s house, that was once valued at $87 million, is hitting the auction block after failing to sell during two years on the market, according to Business Week.The Italianate villa sits unfinished on 12.5 acres in the Newport Beach section of Southern California. The agent started building the house during the property boom in 2004 and 2005.

The house features a man-made lake, horse stables, vineyard, tennis court, 17-car garage, and views of the Pacific Ocean and Santa Ana Mountains. The house has eight bedrooms and 14 bathrooms.

The home had been priced chopped from $57 million to $37 million, but still would not sell.

Coldwell Banker’s No. 1 United States agent in 2004 and 2005, John McMonigle, dreamed up the home, which he originally named “Villa del Lago.”

It’s projected that more than $5 million of renovations are left to complete the home.

The house is now named 1 Pelican Hill Road North.

The entrance to the house still needs some work.

The estate sits on the largest parcel of land in Newport Beach.

The house has 17,700 square feet of living space.

The lake is man-made.

You could canoe down this thing.

The water running over the rocks is a nice touch.

There's an association pool you can use when you move in.

Even though the inside of the house is not finished, the landscaping is.

There's enough lighting over the tennis court for a night game.

There are stables on the property, but they are unusable because there are no horses allowed inside the gated community.

You can see the riding grounds in this photo. But again, you won't be able to use them.

You feel the Mediterranean vibe throughout the property.

You can start bottling your own wine and store it in your personal wine cellar.

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