A hilltop home in Orange County has listed for a record $38.5 million, according to Robb Report. This property, located in the prestigious Shady Canyon Golf Club community, was previously purchased for $23 million and extensively renovated by local business owners Chad and Cari Peets.
What happened
The luxurious estate spans over 13,000 square feet and features a Mediterranean Revival design. Chad and Cari Peets invested nearly $10 million into a complete overhaul of the property, transforming it significantly from its previous state. The home now showcases extensive marble finishes, artisan wall coverings, and modern European styling that “express a distinctly modern European sensibility,” according to press materials.
“Vastly different from its former state, the residence just listed for $38.5 million,”
said Rob Giem, co-founder of Plus Real Estate. Amenities include multiple living spaces, a formal dining area with a massive marble fireplace, and a kitchen with stone finishes. The residence offers panoramic views of the surrounding hills and mountains, enhancing its appeal. Six bedrooms and ten bathrooms provide ample accommodation, with the primary suite having a private terrace and a luxury bath.
Why it matters
This listing highlights the increasing demand for high-end properties in exclusive communities. The significant investment by the Peets and the subsequent listing price underscore the financial potential of real estate in sought-after locations. Such record-breaking prices may indicate a shifting market dynamics as affluent buyers seek luxury and exclusivity.
Background
On May 27, 2023, a home in Shady Canyon sold for $23 million, which marked a record sale for the city of Irvine. This sale set a precedent for high-value property transactions in the area. Following this, the Peets undertook a multi-year renovation to transform their recent purchase into a more upscale home.
What’s next
The Peets’ home is now on the market, with viewings available through Rob Giem at Plus Real Estate. Interested buyers can explore the property further, complete with its unique features and luxury amenities.
