A Newport Coast estate on a rare double lot in a double guard-gated subdivision of Crystal Cove recently hit the market for $46.5 million.
If it secures the asking price, the property will surpass the most expensive home sale in Orange County over the past year. Notably, a 13,437-square-foot estate in Pelican Crest, which sold off-market for $42 million while undergoing extensive renovation in 2025.
This Tuscan farmhouse-style residence, in contrast, spans 12,347 square feet. That includes a 10,464-square-foot main house and a detached 1,883-square-foot guest house, totaling six bedrooms and 10 bathrooms.
Records show Pelican Real Estate Fund LLC, managed by Pelican Management Trust, quietly acquired the property in January for an undisclosed amount. The previous owner of the home was a trust named after Jennifer Lynn Penske, the wife of Roger S. Penske Jr, who serves as president, chief executive and chairman of SoCal Penske Dealer Group, which operates car dealerships in Southern California.
They chose two oversized neighboring lots in the Crystal Cove Estate Collection subdivision, purchasing them in March and May 2008 for undisclosed amounts. Later, they combined these lots into a 1.1-acre parcel, on which Irvine-based Pridemark Contractors Inc., built the old European-style mansion in 2012, according to records viewed at PropertyShark.com and in the listing details.
When viewed from above, the property stands out as significantly larger than its neighbors.
A gated arched entry opens to a private courtyard. Lawn flanks both sides of a walkway that leads to the five-bedroom main house, with its stone facade, orange and red terracotta roof, arched doorways, wooden window shutters and wrought-iron balconies.
According to the listing details, the great room has steel-framed windows that offer views toward the Palos Verdes Peninsula and Long Beach.
An enclosed loggia combines the comforts of indoor living and dining with the openness of the outdoors.
The gourmet kitchen features a stone-arched hood above the Viking range, a 36-inch refrigerator paired with a full-size freezer and a large center island with storage on one side and seating on the other. It also includes two built-in hutch desks and a breakfast room with an antique stone fireplace and window views of the garden and ocean.
There’s also a formal dining room.
Other main-level rooms include a library, executive office and gym with a private entry.
Upstairs, the ocean-facing primary suite boasts antique Moroccan tile and heated floors. It features a soaking tub framed by brick arches and dual showers, complete with steam. An oversized closet enhances this luxurious owners’ retreat.
There are two additional bedrooms with attached private bathrooms and a media room at this level.
The guest house adds to the accommodations with one bedroom, two bathrooms and elevator access.
Outdoor amenities include an infinity-edge pool, a spa, a putting green, a fire pit and a built-in barbecue pavilion.
The property has garage parking for six cars and six more spaces available in the motor court.
Michael Fawaz of Compass has the listing.
Roger S. Penske Jr.’s SoCal Penske Group includes franchises representing Buick, Cadillac, Chevrolet, GMC, Honda, Jaguar, Land Rover, Toyota and Volvo.
In December, New York-based Franchise Equity Partners acquired a minority stake in Penske Jr.’s diversified dealership group. The investment provides capital to position the dealer group for future growth in California, according to a press release issued by FEP.