LAGUNA BEACH, Calif.—Setting an all-time high record for home price in Orange County, a biotech hedge fund mogul purchased a $70 million oceanfront estate, nearly doubling the price the last time the property was sold in 2018.
Joseph Edelman, founder and CEO of the New York-based Perceptive Advisors, and his wife, Susan Lebovitz-Edelman, purchased the 18,000-square-foot property—about the size of four full-size basketball courts—despite its absence from the market.
“They specifically wanted something on a large lot that was newer and preferably in a gated community,” Jon Curci of Compass, who helped represent the buyer, told the Orange County Register.
Sitting on a cliff above Emerald Bay, the property is one of the 12 oceanfront homes in the private community of Irvine Cove.
The Italian palazzo-style residence includes five bedrooms in the main house, a glass-covered guest home, an ocean-facing pool cabana, massage room, gym, screening room, and a 10,000-bottle wine cellar.
The property also includes access to Emerald Bay, a private beach exclusive to the residents of the private community.
“It’s a trophy house,” Louis DiGonzini, founder of DiGonzini Real Estate Group, told The Epoch Times.
DiGonzini said that typically when people buy assets at a high value, they either acquired a lot of passive income or just sold a business or commercial property.
“They are the one percent of the one percent,” he said.
Forbes currently lists Edelman, 66, at a $2.9 billion net worth.
It’s no surprise that Edelman, a biotech investor, chose to purchase a home in Laguna Beach, considering how Orange County markets itself as pro-business and development compared to its surrounding counties—especially for the tech industry—DiGonzini said.
“The reason why we have continued to have sales that are this high is because of the environment that Orange County offers,” DiGonzini said.
With companies like Amazon and Google extending their branches in Orange County, the tech industry grows, attracting more established businesses and new start-ups.
The market for single-family homes in Orange County grew 36 percent over the past three years and is still growing, according to DiGonzini.
He said the average home value in the county is approximately $1.1 million.
Edelman’s purchase surpassed the previous record set by Loan Depot’s founder, Anthony Hsieh, who paid $61 million for a mansion in Newport Beach in October last year.