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By Thomas M Abercrombie | Agent in Newport Beach, CA

$3 million price cut sells TV-featured O.C. mansion

So here’s the rest of the story …
. skyridge25

A Newport Coast home was featured Monday night on Bravo TV’s “Million Dollar Listing,” with an asking price of just under $10 million.

There was a big fight over the difference between that price and the $8 million cash offer.

What you didn’t see play out on the show: The 6-bedroom, 9-bath Pelican Crest house wound up not selling, then going into foreclosure a few weeks after the episode was taped.

And the Realtor who made the $8M offer, which the owner deemed “insulting,” was the one who the lenders called to sell the property after they took it over!

And sell it he did.the broker from Newport Beach got $7,050,000 for it.

Not without some drama, though. He said the house fell out of escrow repeatedly before selling. At one point, a flooded basement caused  $200,000 worth of damage, he said, and led to the price drop.

The listing on the 11,500-square foot home at 25 Skyridge said in part:

” ‘Villa Florencia’ on a grand scale! This brand new Pelican Crest estate boasts unobstructed views from Catalina Island to downtown Los Angeles … Have a hundred of your closest friends over for a BBQ, or a dozen for the weekend.”

The house has a commercial-size elevator, swimming pool, theater, grand salon, and an oversized 3rd story master suite with a balcony.

“It’s very new money,” was how Josh Flagg, the Realtor on ”Million Dollar Listing” described the place. Flagg had the co-listing on the house before it went into foreclosure. But, the home, which he snickered was not the “Taj Mahal”, wouldn’t draw $10 million ”for a long time,” he figured.

He was unable to convince the owner of that, who called the $8 million offer “ridiculous.” His lost commission: $80,000.

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