A California Enclave Sees A $25 Million Price Tag For A Teardown

The recent sale of a large waterfront property in the Balboa Peninsula Point neighborhood of Newport Beach for $25 million garnered attention not for the house on the property, but for its prime location. The neighborhood, located at the end of a 3-mile-long peninsula in Orange County, is known for its large waterfront lots that appeal to the boating crowd. The variety of architectural styles in the area, ranging from 1920s cottages to contemporary luxury homes, adds to the charm of this beach enclave that faces Newport Harbor and the Pacific Ocean.

The property at 2104 East Balboa Boulevard spans 15,000 square feet with 73 feet of waterfront and offers unobstructed views of the water. Its proximity to Newport Harbor’s entrance allows for easy access to open water for boaters. Additionally, the property is close to Balboa Island and The Wedge, a popular surfing spot known for its shore-breaking waves. The unique feature of the property having bayfront on one side and oceanfront on the other provides a desirable location for water enthusiasts.

While the house on the property was considered a teardown by the sellers, who had purchased it in 2020 for $14.85 million, the new owner has engaged Bob White of Forest Studio in Laguna Beach to develop plans for a new dwelling that better suits their family’s needs. Forest Studio specializes in designing private homes, estates, and ranch properties. Despite the planned demolition of the existing home, the property has an interesting history as the former residence of pharmaceutical businessman and politician Milan Panic.

Milan Panic, who started ICN Pharmaceuticals and played a prominent role in the political landscape during the breakup of Yugoslavia in the 1990s, once lived in the home. Panic served as prime minister of Yugoslavia in 1992 and ran for president against Slobodan Milosevic, ultimately losing to the man charged with war crimes and human rights violations. Panic’s career in business and politics is a significant part of the history of the property, adding to its unique appeal. As the new owner embarks on developing a new home on the waterfront property, they are continuing the legacy of this historic site while creating a new chapter in its story.

The sale of the waterfront property in Balboa Peninsula Point highlights the desirability of waterfront homes in the area and the demand for large bayfront lots with direct access to the harbor and the ocean. The constantly evolving architectural landscape of the neighborhood, with a mix of historic cottages and modern luxury homes, adds character to the community. The proximity of the property to popular local attractions such as Balboa Island and The Wedge further enhances its appeal to potential buyers looking for a waterfront lifestyle in Newport Beach.

Overall, the recent sale of the waterfront property in Balboa Peninsula Point showcases the allure of exclusive coastal living in a picturesque California neighborhood with a rich history and a vibrant boating community. The prime location of the property, offering both bayfront and oceanfront access, coupled with its unique architectural potential, makes it a coveted piece of real estate in Orange County. As the new owner embarks on a new chapter in the property’s history by creating a custom-designed home, they are contributing to the evolving tapestry of the Balboa Peninsula Point neighborhood while preserving its legacy as a waterfront haven for residents and visitors alike.