A report revealed that an unfinished Newport Coast Estate was acquired by Japanese industrialist Toshiaki Ogasawara for $18.5 million.
The 81-year-old industrialist won the bid for the property that was said to have been priced as high as $57 million, while others estimated it at $87 million (inflation).
The property stands on a 16,600 square-foot estate at 1 Pelican Hill Road North. It is a Tuscan-style, eight-bedroom, 17-bathroom property with unfinished main house, pool and landscaping that is estimated to cost $3.5 million to repair.
According to Auction.com, they took a 5% premium for arranging the sale of the U.S. Bankruptcy Court that opened on April 26, 2012. They also hope to pay off a construction loan from OneWest Bank as well as the investors and construction contractors involved, with the amount they took.
The amount that Auction.com took under the bankruptcy agreement was not revealed, however, a week before the sale, the property was listed at $37 million. Meanwhile, the Los Angeles Times stated that the previous asking price for the property that was once called villa del Lago, was $57 million and Orange county Register estimated it up to $87 million.
Ogasawara, aside from a USC trustee, is also the publisher of Japan Times. The grand villa that he acquired suits his lifestyle for it features a wine cave, a 17-car garage, a private lake and vineyard as well as a horse stable and riding area situated on 12.5 acres of land.
Real estate agent John McMonigle was part of a partnership that bought the land in 2003. The property was then built with the help of serveral bank loans including a $21.6 million amount from La Jolla Bank in 2007. However, when the bank closed in 2010, and OneWest Bank acquired the loans and filed to foreclose on the property, McMonigle left the partnership before it filed for bankruptcy protection.
Photo Credits: chrisboulas via Flickr Creative Commons
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