Capital Group CEO puts Palos Verdes home on sale for $35 million
Palos Verdes Estates has some of the most impressive real estate in Southern California, but its homes rarely match the high prices of Bel Air, Beverly Hills, or Malibu.
However, on September 12, one of the most expensive listed homes in the city’s recent history was listed as a property Palos Verdes Peninsula He came to the market. The 12,500-square-foot mansion at 245 Rocky Point Road is listed for $35 million, or $2,806 per square foot, according to the home’s Zillow profile. The house currently at this address was built in 2016, according to its Zillow profile. The last time the title was on the market was in 2007 when it sold for $4.9 million.
245 Rocky Point Road is owned by Del Mar Trust, managed by Timothy Armor, chairman and CEO of investment management firm Capital Group, according to property records. The home is listed by Brett Austin and Carrie Corballis of Vista Sotheby’s International Realty.
He asks about other expensive homes in the neighborhood’s driveway further away. Located less than a mile away, 3300 Palos Verdes Drive West in Rancho Palos Verdes was listed for $18 million in July. This home is approximately 12,000 square feet and was built in 1997. Another home is listed on the market at 1757 Paseo Del Mar for $14 million. This 4,800-square-foot home was built in 1969 and went on the market in January.
The last time Palos Verdes Estates saw ultra-luxury prices was in 2016, when Hacienda de la Paz, located at 1 Buggy Whip Drive in neighboring Rolling Hills, was listed at $53 million. The 51,000-square-foot home has nine bedrooms and 25 bathrooms. According to media reports, the 7-acre Hacienda de la Paz property has an indoor tennis court as well as Moroccan-style bathrooms. In 2018, the home sold for $20 million, according to Zillow.
The waterfront homes at Palos Verdes Estates have sweeping views of the Los Angeles County coast. The enclave hosts several golf clubs such as Palos Verdes Golf Club and Trump National Golf Club.
Despite the amenities, list prices rarely come close to Bel Air, which is more than 25 miles away. Cynthia Carville of brokerage Douglas Elliman in Manhattan Beach said the reason behind the low prices is the area’s distance from Los Angeles.
“One of the main reasons you don’t get a big order is because it’s too far away. It’s 30 minutes to an hour from anywhere,” Carville said.
She also noted that Palos Verdes Estates is attractive to people who want to get away from big cities.
