Pacific Coast Residences Inc. has acquired a luxury beachfront residential property at 789 Ocean View Avenue in Santa Monica for $18.75 million. The 12,000 square-foot estate, featuring a historic 1920s Spanish Revival mansion, was sold by the Santa Monica Legacy Trust, which had owned the property for over 50 years. This high-profile transaction underscores the enduring appeal and premium pricing of prime coastal real estate in Los Angeles.
The property, which includes direct beach access and expansive ocean views, is one of the last remaining large, undeveloped parcels on this coveted stretch of Santa Monica coastline. While the existing mansion holds significant architectural charm, sources indicate that Pacific Coast Residences Inc. is exploring options for either a meticulous restoration and expansion or a complete redevelopment into a bespoke, ultra-luxury single-family compound. The buyer is renowned for its high-end residential projects across Southern California.
This sale reflects the robust demand for trophy properties in Santa Monica, where inventory remains extremely tight. Despite broader market fluctuations, the ultra-luxury segment continues to demonstrate resilience, particularly for properties offering irreplaceable locations and significant development potential. The deal is expected to set a new benchmark for per-square-foot land value in the immediate vicinity, further solidifying Santa Monica's status as one of the nation's most expensive residential markets.
