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One of Orange County’s most iconic houses has hit the market, and the large estate on 137 acres in Coto de Caza would likely set a record for a residential sale if it sells for anywhere near the $125 million asking price.
The Lyon Estate, where U.S. Air Force Reserve Commander and real estate mogul William Lyon lived with his wife Willa Dean Lyon for nearly 40 years, was listed for sale in late May. President Ronald Reagan and First Lady Nancy Reagan were among the guests who visited the estate, which is located at 24331 Coto de Caza Drive.
The property was co-listed by Josh Altman of The Altman Brothers, Douglas Elliman and Mauricio Umansky of The Agency.
The asking price is nearly double the most expensive house ever sold in Orange County.
“We’re going to re-write the history books,” Altman told the Business Journal.
Bill H. Lyon, the son of the late William Lyon, said the listing includes two parcels. He said the property is being sold as part of his parents’ estate plans per their wishes.
The 21,000-square-foot residential property sits on one parcel. Bill Lyon said the other parcel features mostly orange groves and could be used to develop up to 25 new houses on 64 acres but such a development would be at the discretion of whoever buys the property.
Vehicles in the classic car museum that the property is famous for are not included with the listing.
Most of the classic vehicles would be relocated to a new location near John Wayne Airport. Some of the vehicles could be sold to help offset estate taxes.
Altman said he hopes to put the gated community of Coto de Caza on the map by opening up the property to global buyers. At least seven prospective buyers called Altman within the first week of the listing and requested a showing.
“It’s the trophy of all trophies,” Altman told the Business Journal. “This is a global buyer. This is someone looking for a legacy estate.”
Lyon Estate and Family History
The 21,000-square-foot colonial-style house was built on the 137-acre property by Major General William Lyon in 1986. Bill H. Lyon said the house was inspired by his mother, a Texas native who wanted to live on a large, ranch-style property.
“It was my parents’ dream home,” Bill H. Lyon told the Business Journal.
He said it was only natural that his dad would build such a large house—the Major General transitioned from the military to a career in homebuilding and founded Lyon Homes Inc. in 1954. Lyon Homes was acquired by Arizona homebuilder Taylor Morrison in 2020.
The senior Lyon was also a founding chairman of Commercial Bank of California and founder of Lyon Air Museum near John Wayne Airport.
The successful buyer would purchase more than 40,000 square feet that includes guest homes, a private helipad, a 10-stall stable complex, a tennis court, a brick-clad lower-level wine cellar and a playhouse. The equine portion of the property includes a riding arena.
There are also three guest houses on the property. The largest guest house has two bedrooms, one bathroom and a full kitchen. The other two are one-bedroom, one-bathroom residences with a kitchenette.
The three-level main house features eight bedrooms, 12 bathrooms and a wood-paneled library, according to MLS.
The estate also includes two lakes for irrigation, a scenic pond, a greenhouse, 41 acres of Valencia and navel orange trees and a gas station.
Current Orange County Record
Two houses changed hands, in separate transactions, in 2020 and 2021, respectively, that set the high watermark for the most expensive residential sales in Orange County history.
LoanDepot’s Anthony Hsieh bought a Crystal Cove house for $61 million in 2020, only to be outdone one year later by biotech hedge fund executive Joseph Edelman, who bought an 18,000-square-foot estate in Laguna Beach’s Abalone Cove for $70 million.
The Lyon Estate would have to sell at a 44% discount to match Orange County’s all-time record, but Altman was confident the property would shatter records.
“It’s one of the best estates available this side of the Mississippi,” Altman said.
Classic Car Museum
The $125 million asking price for the Lyon Estate does not include the estate’s vast classic car collection, although Josh Altman said that has not stopped prospective buyers from asking about how much more they could pay to keep the vehicles on the property.
The estate’s 24,000-square-foot facility features about 80 of General Lyon’s private collection and another dozen race cars.
One vehicle within the collection is a 1935 Duesenberg SJ, which was used by an Indian maharaja, or “great ruler,” who had a residence in Santa Ana.
The supercharged Duesenberg has been with the William Lyon family since the 1980s. Major General Lyon also founded the Lyon Air Museum, which features several classic vehicles and is open to the public.
Among General Lyon’s favorites, according to his son Bill, are the Duesenberg Packard and classic Mercedes-Benz’s. Bill H. Lyon, on the other hand, has a soft spot for Porsches.
The private display features several 1920s and 1930s era Fords, as well as the 1941 Ford Super Deluxe the Lyon family bought for General Lyon on his 90th birthday.