A Newport Coast home was featured Monday night on Bravo TVâ€™s â€œMillion Dollar Listing,â€ with an asking price ofÂ just under $10 million.
There was a big fight overÂ the difference between that price and the $8 million cash offer.
What you didnâ€™t see play out on the show: The 6-bedroom, 9-bath Pelican Crest houseÂ 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 â€œinsulting,â€ was the one who theÂ 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.Â At one point, aÂ floodedÂ basement causedÂ $200,000 worth of damage,Â he said,Â and led to the price drop.
The listing on the 11,500-square foot home at 25 Skyridge said in part:
â€ â€˜Villa Florenciaâ€™ on a grand scale! This brand new Pelican Crest estate boasts unobstructed views from Catalina Island to downtown Los Angeles â€¦ Have a hundred of your closest friends over for a BBQ, or a dozen for the weekend.â€
The house has aÂ commercial-size elevator, swimming pool, theater, grand salon, and an oversizedÂ 3rd storyÂ master suite with a balcony.
â€œItâ€™s very new money,â€Â was howÂ Josh Flagg, the Realtor onÂ â€Million Dollar Listingâ€ described the place. FlaggÂ had the co-listing on the house before it went into foreclosure. But, the home, which he snickered was not the â€œTaj Mahalâ€,Â wouldnâ€™tÂ drawÂ $10 millionÂ â€for a long time,â€ he figured.
He was unable to convince the owner of that, who called the $8 million offer â€œridiculous.â€ His lost commission: $80,000.