"Reclusive Hong Kong businessman George Yao bought the mansion in 1991 for $13.8 million--a county record. But a bank foreclosed on the property in June as Yao encountered financial difficulties, and the title was transferred to an investor group."
"Like many luxury homes in Southern California, the Newport Beach estate lost value during the real estate slump. But reduced prices and low mortgage rates have recently helped strengthen sales of mansions in Southern California and throughout the nation."
"Clearly there's a real renaissance in expensive homes selling. The Orange County market has bottomed out for luxury homes and is going back up."
A prestigious Newport Beach waterfront estate on Harbor Island sold for $8 million to William G. Simon, former FBI Los Angeles office head, and his wife Alice. The 18,000-square-foot mansion, originally purchased by Hong Kong businessman George Yao for $13.8 million in 1991, was foreclosed by a bank in June due to Yao's financial difficulties. The property features 46 French doors, seven bedrooms, nine bathrooms, and an eight-car garage. The significant price reduction reflects the real estate market downturn, though luxury home sales have recently strengthened due to reduced prices and low mortgage rates. The estate sits on exclusive Harbor Island among influential neighbors including real estate developer George Argyros and Irvine Company chairman Donald Bren.
Read at Los Angeles Times
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