Foxhill Estate is back on the market for $49 million but this time with more buying options
It’s not every day that you hear about a “buy two, get one free” deal at upscale properties, but again there is nothing mediocre about the Foxhill Estate in La Jolla.
The Foxhill Estate, which includes nearly 30 acres of rolling coastal property, was even larger, totaling 32 acres when it first hit the market in early 2020.
Since then, the Southern California estate has undergone some subdivision, having been divided into four locations, including a 1.5-acre plot that sold last year for $5 million.
The remaining three locations consist of the $28 million main home, which sits on approximately 8 acres, as well as a plot of 22.4 acres and 1.77 acres, priced at $24 million and $8 million, respectively.
However, for a buyer looking to get in full, the entire property can be purchased for $49 million, or $11 million less than the sum of its parts.
At this “discounted” price, the property still stands to be the highest sold accommodation price in San Diego County.
For Andy Nelson, president and owner of Willis Allen Real Estate, the price tag associated with Foxhill Estate has to do with more than just its impressive size. “Not many places in the country have such stunning ocean views and a private, secluded environment while still being in the middle of a big and active city.”
While there are no homes currently built on two sites, development plans are moving forward, including obtaining a coastal development permit for the 1.77-acre plot.
The current Foxhill mansion contains more than 20,000 square feet of living space, not including outbuildings. Built in 1959 by newspaper publisher James Copley, the French-inspired residence features 10 bedrooms, 14 bathrooms, and additional guesthouses, as well as a pool and sports court.
The estate division comes at a much-needed time for San Diego’s real estate show, which continues to decline sharply, according to Nelson.
“Inventory goes into the market when someone says, ‘I’m selling so I can buy something else.’ Well, when there’s nothing else, they don’t sell,” he says. “So our stock has gone down.”
In addition to the low supply, Nelson says the uncertainty in the stock market has led to a more cautious real estate market. However, the luxury goods specialist advises buying sooner rather than later. “In my opinion, there will be some people who will kick themselves next year to buy later rather than now, because there are still a lot of great opportunities.”
The sister team of Drew and Tim Nelson of Willis Allen Real Estate maintains the 7007 Country Club Drive listing.
More from FORBES GLOBAL PROPERTIES
Willis Allen Real Estate is an exclusive member of Forbes Global Real Estatea consumer marketplace and membership network of elite brokerages selling the most luxurious homes in the world.