"The Sand Castle mansion at 1900 Spindrift Drive in La Jolla hit the market in October 2024 with an asking price of $108 million and has yet to find a buyer. As of Thursday morning, the new price is $92.5 million. Billionaire Darwin Deason built the property to be his version of the Palace of Versailles in America. There is a private beach, carved stone columns, mosaics, marble floors, antique statues and more."
"Listing agents Ross Clark and Brett Dickinson said they have had 17 billionaires tour the property since it went on sale, and are proud of their marketing push. "Everyone that is wealthy looks at the price, looks at a deal," Dickinson said. "Paying over $100 million for something, and paying something in the $90 millions, is psychologically different for a buyer.""
"The price reduction comes at a strong time for the luxury market. The market sale time was 371 days for a San Diego County home costing $6 million and up in January, said Reports on Housing, down from 544 days at the same time last year. In October, a Del Mar mansion shattered San Diego County records for the most expensive residential property after it sold for $50 million. There are 17 homes at $6 million and up in escrow in the past 30 days, said data from Reports on Housing, compared to nine at the same time last year."
La Jolla's Sand Castle is a 13,000-square-foot oceanfront mansion that reduced its asking price from $108 million to $92.5 million after remaining unsold since October 2024. The estate, built by billionaire Darwin Deason, includes a private beach, carved stone columns, mosaics, marble floors and antique statues, and ranks among the largest oceanside properties in San Diego County. The property is being sold by family members following Deason's death. Listing agents report tours by ultra-wealthy buyers and emphasize psychological effects of pricing near $100 million. Local luxury-market metrics show faster sales and rising escrow activity.
Read at The Mercury News
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