Record-Breaking Sale of Former CIA Director's San Marino Estate Sets New High
A historic estate in San Marino, originally built for former CIA Director John McCone, has sold for a record-breaking $30 million, surpassing the previous record in the San Gabriel Valley. The 13,700-square-foot neoclassical mansion, located at 1100 Oak Grove Avenue, was purchased for $7.5 million over the asking price of $22.5 million by an unidentified buyer. The property spans 5 acres and includes three homes with luxurious amenities such as a 50-foot swimming pool, waterfalls, and a rose garden, all hidden behind 20-foot privacy hedges. McCone's former estate was a popular gathering spot for U.S. politicians and international dignitaries during his tenure.
Key Takeaways
- The 5-acre estate sets a record price of $30 million in San Gabriel Valley.
- The unidentified buyer paid $7.5 million over the $22.5 million asking price.
- The mansion features 9 bedrooms, 15 bathrooms, 15-foot ceilings, and marble patios.
- The property includes three homes, a rose garden, greenhouse, and a 50-foot swimming pool.
Analysis
This record-breaking sale underscores the escalating demand for luxury properties in prestigious areas, reflecting a bullish market sentiment among high-net-worth individuals. The transaction's impact extends to potentially inflating local real estate values in the San Gabriel Valley, likely attracting more luxury developments and investments.
Did You Know?
- San Marino: A city in Los Angeles County, California, known for its affluent residential areas and historic estates. It is one of the wealthiest cities in the United States.
- John McCone: He served as the Director of the CIA from 1961 to 1965, instrumental in shaping U.S. intelligence operations during the Cold War era.
- San Gabriel Valley: A region known for its diverse communities and significant high-value residential properties and commercial developments in Los Angeles County, California.