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A large estate in Newport Coast with a Pelican Crest address changed hands for $42 million, making it the most expensive residential transaction of the year, to date, in Orange County.
The sale of 1 Pelican Crest Drive in Newport Coast is also the fourth most expensive residential deal ever in Orange County, not factoring in off-market deals, according to Multiple Listing Service, or MLS, data.
The buyer and seller were not disclosed, but the new owner plans to rebuild and expand the square footage of the house, meaning the true cost of buying the property will be higher than the $42 million paid for 1 Pelican Crest Drive.
Paul Daftarian, Michael Balliet and Ruby Wang were the listing agents on the sale, with Rob Giem representing the buyer. The seller is locally based, while the buyer has multiple properties in the area.
Daftarian told the Business Journal that 1 Pelican Crest Drive, a seven-bedroom, 11-bathroom estate, was a rare sale of a trophy property. Properties he described as “the best of the best” are selling for top dollar in today’s market, according to Daftarian.
“Pelican Crest has a lot of attention on it right now,” Daftarian said.
He added remodels of luxury houses, such as the one at 1 Pelican Crest Drive, aren’t quick and generally require 18 to 36 months to complete. Sometimes the rebuild or remodel takes up more time than a new build.
“Pelican Crest is newer and offers some of the best views and superior lots (which are flat). The neighborhood (Pelican Crest) feels just a notch up on updated landscape, general curb appeal from many of the homes, and it feels even more exclusive than Pelican Hill,” Daftarian told the Business Journal.
Daftarian added he has non-disclosure agreements with many of his clients. Notable Pelican Crest residents include Paul Merage, Mark Moshayedi, Barry Aranoff, some professional athletes and Vanessa Bryant, the widow of Kobe Bryant.
The buyer plans to expand the 13,437-square-foot house into a 16,500-square-foot residence, per Daftarian.
1 Pelican Crest Drive was built in 2010 and sold in an off-market deal. The house’s page on Homes.com shows 1 Pelican Crest Drive is a three-level structure on a 0.73-acre lot with a 220-degree view of the Pacific Ocean.
Both Homes.com and Redfin show the house sold for $30.6 million in 2023.
“It is one of the very best view parcels in the Newport Coast,” Giem told the Business Journal.” The buyer was thrilled to have the opportunity to acquire it, as it was not being offered for sale at the time.”
Orange County’s Top Home Sales
Orange County has already seen a few high-priced houses change hands this year.
A 13,500-square-foot estate at 9 Pelicans Drive in Newport Coast sold for $37 million in February, the initial high watermark for the top sale in Orange County this year.
An 8,151-square-foot estate with six bedrooms and eight bathrooms in Laguna Niguel sold for $16.3 million, a record for the South County suburb.
Also setting a record was the luxury coastal house at 2201 Bayside Drive in Corona del Mar. That house sold for $26 million in March, the most expensive deal for Corona del Mar.
A beachfront villa at 21 Strand Beach Drive in Dana Point was scooped for $28 million on April 1, while a 5,741-square-foot house at 1615 Bayadere Terrace sold for $20 million about 10 days later.
Daftarian was also one of the agents on the sale of 4700 Surrey Drive in Corona del Mar, which sold for $24.5 million.
Top OC Home Sales of 2025*
• 1 Pelican Crest Drive, Newport Coast $42 Million
• 9 Pelicans Dr., Newport Coast $37 Million
• 21 Strand Beach Dr., Dana Point $28 Million
• 2201 Bayside Dr., Corona del Mar $26 Million
• 4700 Surrey Dr., Corona del Mar $24.5 Million
• 1615 Bayadere Terr., Corona del Mar $20 Million
• 7 Searidge, Laguna Niguel $16.3 Million
*-Partial List