A second-row home in Laguna Beach’s upscale Emerald Bay enclave has privately traded hands for $25 million.
The 7,564-square-foot house with five bedrooms and seven bathrooms is the second-most expensive off-market, all-cash deal in the neighborhood this year after a $43 million beachfront home that closed Sept. 5, data from PropertyShark shows.
“In today’s market, it is vital who you work with,” Maura Short of Compass, who co-represented the buyer on Emerald Bay’s latest high-dollar deal, said in an Instagram post. “Of my last six transactions, four of the sales weren’t on the MLS. Why is that important? Because it takes knowledge of your market, grit and perseverance to discover sellers who not on the MLS but want to sell.”
Records reveal the buyer is mortgage financier Evan Michael Stone, CEO of Champions Funding LLC. He purchased the house on Oct. 30 from longtime owners Maria and Raymond Francis — incidentally, they’re the parents of “Girls Gone Wild” founder Joe Francis.
The Francises purchased the property in May 1996 for $2.2 million, records show.
According to Robb Report, which first reported the sale, the prior home on this 8,450-square-foot lot was demolished and replaced with the current one in 2007.
The double-entry doors open into a soaring two-story foyer and reveal the living room, which centers on a fireplace with a floor-to-ceiling surround. On the other side of the foyer lies the formal dining room with a trio of arched French doors onto the side patio.
Coffered ceilings, built-ins and wrought iron handrails add character to the home’s interior.
The main living area includes a great room and kitchen with a wet bar nearby. There are two offices, a media room, a sauna off the gym and a tasting room.
While it lacks beach access, the house offers sweeping ocean views from covered terraces off the great room and the primary suite. An outdoor entertaining patio boasts a built-in barbecue center, fire pit and putting green.
A two-car garage adds to the home’s offerings.
Tim Smith of Coldwell Banker Realty handled the off-market sale, with Michelle Cormier of Compass joining Short as the buyer’s representative.
