From the WSJ and Lansner:

An Orange County mansion listed for $75 million in 2006 has sold for $34.1 million, public records show. A source familiar with the matter says the buyer also gave the seller a property valued at around $7 million.

The house originally listed in 2006 for $75 million, then came off the market a year later. Earlier this year, it relisted for $49.6 million. The home was owned by Frank Pritt, the founder of Attachmate, a company that specializes in a range of business-to-business products.

Located in Corona Del Mar, the 22,000-square-foot beachfront estate is known as Portabello. It has eight bedrooms, 10 bathrooms and two saltwater pools surrounded by grotto cliffs. The subterranean level of the home has a streetscape with a diner, bowling alley, movie theater and a jewelry store.  

The palatial mansion, nestled on three lots overlooking a private cove in Cameo Shores, has been featured on the Oprah Winfrey Show and was on the cover of Unique Homes magazine.

The youtube tour:

The buyer, according to public records, purchased the home through a Massachusetts-based limited liability company managed by Fariborz Maseeh, an entrepreneur and philanthropist.  

Maseeh, a native of Tehran, was Orange County’s 21st wealthiest resident in 2009, according to the Orange County Business Journal.

He co-founded, then sold a a computer chip maker, and has given millions to universities, including a $2 million pledge to create a center for Persian studies at UC Irvine. He also owns Corona del Mar’s Port Theater.

John McMonigle, of the McMonigle Group in Newport Beach, Calif., represented both the buyer and the seller.

Pritt assembled three beachfront lots on Corona del Mar’s “billionaire’s row” for less than $12.5 million in the late 1990s, according to public records.

He then commissioned Newport Beach architect Brion Jeannette to design the 22,000-square-foot home, featuring curving glass walls overlooking the beach, a grotto, two pools, a gym, wine cellar, and a lower-level street scene from Pritt’s home town that includes a bowling alley, vintage movie theater, mini-diner, jewelry store and a car museum.

Outdoors, an upper-level pool includes a whirlpool spa with a clear-plastic bubble on the bottom so people below can see into it like an aquarium. A 360-degree tunnel slide loops from the second level to the pool below.

McMonigle said that the home cost $1,500 per square foot, or $33 million, to build. However, the Orange County Assessor’s Office listed construction value at just under $16 million at the time.

“The genesis for the Portabello is a home that really sets into the land,” Jeannette told the Orange County Register in  2008. “You have to understand the views, the wind, the sun, and the impacts, positive and negative, of these elements.”

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Jim the Realtor
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