(MENAFN- Live Mint) (Bloomberg) -- The Sand Castle, a clifftop mansion overlooking the Pacific Ocean in La Jolla, California, has been listed for $108 million, more than double the current record for a home sale in San Diego County.
Owned by tech billionaire Darwin Deason, the sprawling estate was formed by combining two adjacent lots that Deason purchased in 2009. Inspired by the luxurious homes of the French Riviera and Palm Beach, he undertook a full-scale remodel that was completed in 2015. The house got its nickname as the Sand Castle for its beige exterior and fortress-like design.
“It is just time to move on,” Deason, whose fortune comes from selling an information-technology services company to Xerox Holdings Corp. for $6.4 billion in 2010, said in an email.
The home stands atop a seawall built before California regulations banned anti-erosion fortifications, making it impossible to construct something similar these days, according to Brett Dickinson, an agent with Compass Inc. who shares the listing with his partner Ross Clark.
La Jolla has become a magnet for ultrawealthy retirees, life science moguls and tech investors lured by balmy weather, low crime rates, quality schools and cultural offerings, Dickinson said. The median home price in the area, which is home to the University of California at San Diego campus, has reached $2.3 million - a 22% increase over the past year, according to Redfin.
Still, La Jolla remains a relative bargain compared with other Southern California coastal enclaves, like Malibu and Montecito.
“La Jolla is the jewel of San Diego - the most beautiful beaches, the most expensive homes,” Dickinson said.
The Sand Castle has 10 bedrooms, 14 full bathrooms and three half baths, with custom details such as French-imported fireplaces, crystal chandeliers, and an indoor mahogany bar.
The estate also includes a guest house with three en-suite bedrooms. Outside, the pool is lined with blue Thassos marble tiles and is accompanied by men's and women's cabanas. A man-made beach has sand imported from the same source that supplies the sand traps at Augusta National Golf Club.
The current sales record in San Diego County is $44.1 million, set last year by a waterfront home in the nearby beach town of Del Mar.
Deason, whose primary residence is Dallas, also owns vacation homes in Texas and Mexico, as well as the Apogee, a yacht where he spends time in the Mediterranean and Caribbean.
“My favorite part is the master balcony, where I can relax, look out over the ocean, and also look out over much of the rest of the property,” he said of the Sand Castle.“I take pride in the entire property, but another part I am especially proud of is the nautical-themed bar, which resembles the bar on my yacht.”
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