Los Angeles-based high-end clothing retailer, Fred Segal, recently sold his oceanfront penthouse in Laguna Beach, according to public records and listing agent Suzanne Robinson of P.C. Properties. (Suzanne Robinson represented both the buyer and the seller.)
Listed for $4.995 million in March 2010, the penthouse saw a $1 million price reduction in June and was just sold for $3.3 million.
Located in the Laguna Royale complex at 31423 Coast Highway, the one-level penthouse unit has 3 bedrooms, 1.75 bathrooms, 1,902 square feet of living space and ocean views. The unit shares one common wall and has beach access.
Segal purchased the property in 2008 (a sale that Robinson also executed) and completely remodeled it, according to Robinson. Robinson credits the large wrap-around deck, which maximizes ocean views and outdoor living, as the property's major element of desirability.
Other details are noted in the listing description:
“HUGE PRICE REDUCTION!! REDUCED ONE MILLION DOLLARS! Prestigious Penthouse in the Ultimate Location! Rarely Available! The Best of the Best! Imagine Yourself Enjoying the Ocean Breezes and Amazing Views of the Beach, Catalina Sunsets and the Gardens from the Wrap Around Deck of This Beautifully Rebuilt 3 Bedroom Oceanfront Penthouse! Walk on the Sand to the Montage for Lunch or a Massage! Everything is Impeccable, Ready for the Most Discriminating Buyer! Easy Walk to the Beach, Pool, Spa and Gym. 24 Hour Guard. Two Small Pets Allowed. Also available for a 6 Month Minimum Lease for $11,500/month – see MLS #L33301.”
Source: Laguna Homes