Newport home Once on the Market for 23.9 Million; Foreclosed At $7.8 Million

A waterfront Newport Beach house once on the market for $23.9 million was repossessed by the bank last week after failing to sell at a foreclosure auction for $7,790,000.

The 5,000-square foot, Cape Cod-style house at 2706 Bayshore Drive has 4 bedrooms and 6 baths and sits on a 7,026-square foot double lot, according to a former listing.

The property is two doors down from Bayshore Beach and has one of the largest boat docks in Newport Harbor, the listing said, with slips that can accommodate a 65-foot boat and a 38-foot boat.

Other pricey Orange County properties that have reverted to lenders:

31731 Capuchina Way, Coto de Caza

• Went back to the bank in October 2008 after failing to sell at the foreclosure auction at an opening bid of $7,455,089.
• Placed on the market and sold on Jan. 28. 2010 at $2,900,000. The house has 5 beds, 6.25 baths and 11,000 square feet on a 3.9-acre lot.
• The home, with nearly a 1-acre front lawn, has a full-size racquetball court, “a walk-in vault with Tiffany-style jewelry cabinets and gun cases,” a billiard room, and a ball room and lounge, according to the listing. “This is one of the most unique estate homes in Coto,” it said. “Plenty of room for barn and corrals. This property is in the best possible location to finish the dream someone else started.”

28 Shoreridge, Newport Coast

• Went back to the bank in July 2009 at $6,308,615.
• Sold on Feb. 26, 2010 for $4,350,000. The 7,300-square foot Pelican Crest ocean view property has 6 bedrooms and 6 bathrooms and sits on more than a third of an acre.

30751 Fox Run Lane, San Juan Capistrano

• Went back to the bank in December 2009 at $4,000,000. (The published opening bid was $5,217,185. It was dropped to $4,000,000 at the foreclosure auction but apparently no one bid on it.)
• Sold on March 2, 2010 for $4,350,000.
• The ocean view estate, built in 2008, includes 9,344 square feet split between a main house and guest house, and has 6 bedrooms and 7.5 baths.