DanaPoint

Vista al Mar, Estate of the Day

Filed under: Estates

Even some beachfront property in southern California is slow to move. One estate Vista al Mar in Dana Point, California, is headed for auction. The home is located in The Strand at Headlands, southern California's last and most exclusive beachfront community. The development has several tiers of oceanview homes, this one appears to be on one of the middle levels. The new home was once priced at over $15 million but will be auctioned off with an opening bid of just $7.5 million. The three-level estate was designed by architect Jon Eric Christner and has five bedrooms with elevator access to all three levels. The home has wood beam ceilings, arched passages and reclaimed Maltese stone floors. Rooms include a gourmet kitchen, theater room, theater room, game lounge, massage room with a sauna and spa bath, exercise room and wine cellar. The home's master suite includes a sitting room with a walk-in closet and a private terrace. The two-level patio has an infinity spa with a cascading waterfall into the larger salt water pool below. Bids on the home will be accepted until March 11.

Gallery: Vista al Mar

Tags: dana point, DanaPoint, estate of the day, EstateOfTheDay, southern california real estate, SouthernCaliforniaRealEstate, vista al mar, VistaAlMar

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St. Regis Monarch Beach Turned Over To Citigroup

by Deidre Woollard (RSS feed) —

Filed under: Luxury Travel & Hotels

Last month I mentioned that the owners of the St. Regis Monarch Beach in Dana Point, California had defaulted on a $70-million loan. The Orange County resort, infamous for being the site of the $443,000 AIG retreat after the federal bailout, was scheduled for a foreclosure auction. The auction didn't take place and the resort was officially turned over to the lender of its $70 million mezzanine loan, Citigroup. The Wall Street Journal reports that deal took place after weeks of negotiations between Citigroup and the owners of the hotel, Farallon Capital Management LLC and Makar Properties LLC. A Citigroup spokesperson has said that the foreclosure acquisition will have no impact on the daily operations of the resort which will carry on as usual.

The St. Regis has a 400-room hotel, a golf course, a private beach club and several restaurants including Michael Mina's Stonehill Tavern. The property is current on two other mortgages totaling $230 million and was refinanced in 2007 resulting in the $300 million in debt. The five-star hotel is located near Laguna Beach, California which is also home to Ritz-Carlton and Montage luxury resorts. Occupancy rates were down in the first quarter of the year but if this weekend's traffic in the area was any indication, those numbers should be on the rise once again.

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Tags: dana point, DanaPoint, laguna beach, LagunaBeach, st regis monarch beach, StRegisMonarchBeach