A Laguna Beach development opportunity hit the market for $95 million, hot on the heels of a record-setting $110 million sale in Emerald Bay. (Google Earth)
A nearly 4-acre development opportunity in Laguna Beach hit the market for $95 million this week, hot on the heels of a record-setting $110 million sale in Emerald Bay. (Google Earth)
A nearly 4-acre development opportunity in Laguna Beach hit the market for $95 million this week, hot on the heels of a record-setting $110 million sale in Emerald Bay. (Google Earth)
A nearly 4-acre Laguna Beach coastal compound hit the market this week for $95 million, hot on the heels of a record-setting $110 million sale in Emerald Bay.
While that historic off-market deal featured a finished mansion, the premium price on this coastal site reflects its development potential.
Positioned directly above a secluded cove, the property commands views that span the Pacific Ocean, Catalina Island and the coastline. It encompasses 11 contiguous parcels that extend from Coast Highway to the shore with about 320 feet of waterfront footage at the southernmost tip of Thousand Steps Beach.
This footprint offers a buyer the rare chance to build a private family compound or multiple high-end dwellings in a supply-constrained market, pushing the asking price to more than four times its recent sale price.
Public records viewed at PropertyShark show the property officially sold for $22 million in July 2025, bringing an end to nearly three decades of ownership by Gary Lee Groves, founder of Pacific Physician Services.
Groves originally bought the property for $5 million in November 1996. He held it through Sea Shore Serenity LLC, a Nevada entity that publicly listed the compound for $46.5 million in August 2021 before offering it off-market for $50 million in August 2024.
Read more World Cup: Ronaldo, Portugal dominate Uzbekistan
Currently, two California entities split ownership: MSM Land LLC holds a 79% interest and MSM Homes LLC holds 21%. Mark Moshayedi, founder and CEO of Newport Beach-based real estate investment firm MSM Global Ventures LLC, manages both entities.
Marketing materials pitch the listing as a rare opportunity to “create a landmark coastal residential development” with “advanced planning considerations already investigated.” To support the vision, it includes architectural plans and concept renderings for a potential multi-unit or private compound layout spanning the bluff, leaving the door open for custom luxury residences, ultra-premium condominiums or a mixed-use residential village.
As it stands today, the property features three newly renovated residences, a sports court, and expansive gardens, lawns and terraces. The existing homes provide immediate interim rental income or executive housing while development plans, entitlements and approvals are finalized.
Outside, stairways descend the bluff to gated beach access leading to the sand, caves and a saltwater swimming pool in the coastal rocks.
Read more Federal appeals court allows the Trump administration to resume expanded use of speedy deportations
Rob Smith at Compass holds the listing.