from the U-T:
A glimmer of light is shining through San Diego’s bleak real estate market, judging from the sale this week of the La Jolla oceanfront home owned by Doug and Betsy Manchester.
The six-bedroom, 11-bath estate, with swimming pool and boathouse, closed escrow Tuesday for $18.15 million. The sale price will make the county tax man happy but, even so, it is 44 percent less than the original $33 million asking price by the Manchesters, who are divorcing.
The buyer is Dallas multimillionaire Darwin Deason, the founder and primary shareholder of Affiliated Computer Solutions, which Xerox Corp. is in the process of acquiring for $6.4 billion. Darwin’s wife, Katerina Panos, is a graduate of La Jolla High School and has strong ties to San Diego.
The Deasons, who will be part-time residents, also own a 205-foot luxury yacht, Apogee, which they plan to bring to Shelter Island next year.
Willis Allen real estate agent Edward Mracek, who with Karen Rockwell represented the buyer, says the high-end market seems to be improving. While there have been higher priced residential sales in the county, he knows of only one La Jolla home that has sold for more — the $23.5 million purchase of a large La Jolla Farms estate by attorney William Lerach in 2005.
more photos here: http://www.sdlookup.com/MLS-090008894
The Deasons also are in escrow to buy a home listed at $10.5 million next door to the Manchester property. They plan to merge the two properties, which once were part of a single estate designed by architect Tom Shepherd in 1929.
44% off of listing…now that is a “A glimmer of light”.
Seriously, Jim, are the Deasons just a couple or do they have a whole gaggle of kiddos? Six bedrooms and 11 baths? Seriously, Jim?
My sister and I lived in our childhood home (2,000 sf) until we went off to college. (It’s now worth $1.2 million, but my parents sold it for $80K).
There was a (Catholic) family on the next street over who we were very close to. The dad was an anesthesiologist, and the mom was a full-time mom. Why? They had 13 kids! And their home had just four bedrooms and three baths.
Last I heard, they’ve been married forever and still own and live in that original home. I just remember how happy their family was. And yes, those 13 kids have now morphed into 54 grand kids! *Chuckle* Can you imagine? Just keeping all the birthdays straight would be a full-time job…
11 baths? Must be all that Texas Red.
I hope they do some major redecorating. Another example how money can’t buy taste.
Maybe he should donate some of that new found fortune to the less fortunate?The greed people have is astounding.
6 bedrooms and 11 baths aren’t enough for these two-they are buying the house next door as well to make the whole thing bigger!
“Not a Renter”–Why judge–Who says these people are greedy–wealth and greed are two entirely differnt things. Who knows, they could have already donated kindly, or are planning to do so, and if not, so be it. Anyway, I am sure they pay, and will be paying, a whole lotta taxes–by doing so, they will be donating to the government, so that the government can continue to help our less fortunate.
I gotta agree with Cool – that is some of the ugliest furniture I’ve ever seen. Don’t even get me started on the window treatments. Instead of buying the property next door, the new owners should spend that money to gut the inside and start over.
Apparently, Doug Manchester was a big supporter (personal and financial) of Prop 8. Karma can be a b**ch.
It’s been said social classes are like vessels. The only thing that changes is who occupies the current cargo.
Everyone wants to live on that mountain in La Jolla, but does anyone wonder if the people who do currently occupy that vessel are happy?
It can’t be overlooked a home town San Diego boy has sold his estate to a part time, of all things, Texan…
I for one would happily reside in that house, as is. I wonder what the rates are on an $18 mil mortgage. Think FHA would hook me up?
Mrs. Deason needs 11 bedrooms to store her collection of Christian Louboutin shoes. I think they paid cash.
A little on Darwin Deason…
http://blogs.wsj.com/deals/2007/11/01/civil-war-at-acs-a-piece-of-bullying-and-thuggery/
http://www.topix.com/forum/com/acs/T89CLU38CVP0FLG5E
http://www.pegasusnews.com/news/2007/jan/02/darwin-deason-caught-national-stock-options-scanda/
Looks like he is a type of CEO that looks after himself at the expense of the stockholders.. Nice yacht though..
http://yachts.monacoeye.com/yachtsbysize/pages/apogee01.html
OKAY–From what I read from ugodegen’s links, I stand corrected–“Wealth and Greed” are the same!
If anyone read the fist link that ucodegen offered in comment #12, I did a bit more research. I found this on bloggingbuyouts dot com. Here’s the link: http://www.bloggingbuyouts.com/cerberus-capital/
Regarding Cerberus Capital (in part): “In October 2006, the firm hired John Snow, who was the 73rd Secretary of the Treasury of the United States, to be chairman. What’s more, the firm’s chairman of global investments is Dan Quayle, who is the former Vice President of the United States.
Off topic, JtR, but high on the “*Chuckle Meter*– Seriously, THE Dan Quayle? Danford Quayle was the 44th Vice President under George H.W. Bush (1989-1993). He is the only VP to have his own museum (located in Hungtington, Indiana). (There’s trivia for ya.)
This has nothing to do with politics, but politicians–of either party–say the funniest comments. But, IMO, Dan Quayle has the most memorable quotable gems of all. It’s impossible to pick just one, so I’ll add my five personal favorites (in no particular order):
1.”I love California, I practically grew up in Phoenix.”
2.”I am not part of the problem. I am a Republican.”
3.”Let me just tell you how thrilling it really is, and how, what a challenge it is, because in 1988 the question is whether we’re going forward to tomorrow or whether we’re going to go past to the – to the back!”
4.”What a terrible thing to have lost one’s mind. Or not to have a mind at all. How true that is.”
5. “You all look like happy campers to me. Happy campers you are, happy campers you have been, and, as far as I am concerned, happy campers you will always be.”
But I’d be amiss if I didn’t refer to Quayle’s most famous blunder: He corrected a student’s correct spelling of “potato” as “potatoe” at an elementary school spelling bee in New Jersey, in June, 1992. He may have relied on a spelling-bee card on which the word had been misspelled by the teacher. The student later appeared on “Late Night With David Letterman”, and the whole incident garnished international interest.
Well, I, for one, have to say Dan Quayle was 100% correct with Quote #5. We ARE all happy campers and will always be so ‘cuz bubbleinfo is a part of our lives…
I used to work with his wife Kat in cosmetics a LONG time ago. She always had really expensive taste, but was also a very very nice person. I’m happy that she is doing so well. If she wants 50 bathrooms and they can afford it, why not??? More power to them!
I am looking at plans for a job on this HUGE house on La Jolla shores and i geuss these people own it. It is the biggest house i have seen.
Katerina good for you.
If anyone deserves this, it is you Katerina. You are a kind hearted and giving person. I wish you well and hope that all your wishes and dreams continue to come true. I also worked with Katerina many years ago. I was fortunate to have her as a friend. All I have are good things to say. Never mind what people say. Live, laugh and be happy.
Have a blast decorating!!