It’s not every day you hear about a “buy-two-free” deal in high-end real estate, but then again, there’s nothing average about Foxhill Estates in La Jolla.
Comprised of approximately 30 acres of beachfront property, Foxhill Estate was a larger 32 acres in total when it hit the market in early 2020.
The San Diego County estate includes 30 acres offered in one or three lots.
Since then, the Southern California estate has been divided into four lots, including a 1.5-acre parcel that sold for $5 million last year.
The remaining three sites include a $28 million main house sitting on 8 acres, as well as a 22.4-acre parcel and a 1.77-acre parcel valued at $24 million and $8 million, respectively.
The largest portion of the estate consists of Foxhill Residence.
However, for a buyer who wants to go all in, the entire property can be purchased for $49 million or the sum of the parts for $11 million.
At that “reduced” price, the property is still the highest priced home ever sold in San Diego County.
Banks of skylights bring sunlight into the open plan living space.
For Andy Nelson, president and owner of Willis Allen Real Estate, the price tag attached to Foxhill Estates is more than just its impressive size. “There aren’t many places in the country that have such a spectacular ocean view and a private and unique location in the middle of a large and vibrant city.”
While no homes are currently being built on the two sites, development plans are moving forward, including obtaining a coastal development permit for the 1.77-acre site.
The elegantly appointed formal dining room has French doors opening onto the gardens.
The current Foxhill residence has over 20,000 square feet of living space, not including the outbuildings. In the year Built in 1959 by newspaper publisher James Copley, the French-inspired residence includes 10 bedrooms, 14 bathrooms and additional guest houses, as well as a pool and sports fields.
The property package comes at a much-needed time for San Diego’s real estate supply, which continues to shrink at a rapid pace, Nelson said.
The second level dining room sits above the wet bar.
“Inventory enters the market when someone says, ‘I’m going to buy something else and sell it.’ So, if there is nothing else, they will not sell.” “So our inventory is down.”
In addition to low supply, Nelson says stock market uncertainty has led to a more cautious real estate market. Still, the luxury specialist recommends buying sooner rather than later. “In my opinion, some people will be kicking themselves next year for buying later than now, because there are still a lot of good opportunities.”
The listing for 7007 Country Club Drive is handled by Drew Brother Group and Tim Nelson of Willis Allen Real Estate.
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