Torrey Pines trophy lot auctioned, terms not disclosed

The sign remains above the property on Torrey Pines Road, which has gone into escrow. Photo: Dave Schwab

By Dave Schwab
Staff Writer

Terms were not disclosed, but a bank-ordered public auction sale of a 13,452-square-foot foreclosed oceanfront “trophy lot” at 1620 Torrey Pines Road held Tuesday was successful.

“We actually got an 11th-hour. pre-auction offer the bank accepted ahead of time, literally right before the auction,” said Steve Uhlir of SURE Real Estate and Auction Company of America which, along with Patrick Miller and Trever Jensen of Lee & Associates, cooperated in offering the property for sale at the auction which was to be held at the La Jolla Museum of Contemporary Art starting at noon.

Uhlir said neither the buyer nor the property’s selling price can be revealed until the preprty is out of escrow.

“We have a short escrow and we’re looking into a quick close,” he said. “Normally it would be 45 days. but we’re going to do it in 30 or perhaps as soon as 14.”

But Uhlir did discuss how the deal went down.

“We had a good buyer who saw the inherent value of the property and wanted it,” he said, adding three pre-auction bids were received.

“One was a low-ball offer,” he said. “Another was strong, but not strong enough. With the third (buyer) we had an offer on the table the night before that was sweetened the next morning, which was the one Fullerton Community Bank chose: They wanted it (property) sold.”

Uhlir said the property previously had been listed as high as $8.5 million as a buildable lot with plans and permits, and at $16.5 million as a finished home. Much of the necessary permitting to develop the property, including Coastal Commission permits, were included in the purchase price.

Touted as “one of the last buildable” oceanfront lots in La Jolla, there are existing development plans for the 1620 Torrey Pines Road property drawn up by La Jolla architect Claude –Anthony Marengo for an 8,900-square-foot, three-story home including a pool, car port and an elevator.

Uhlir said all parties involved in the public house auction were satisfied.

“Everyone’s happy,” he said. “The buyer was willing to come up, the bank was willing to negotiate — everyone had to contribute to make this thing happen.”

Related posts:

  1. La Jolla oceanfront trophy lot to be auctioned Nov. 30
  2. La Jolla Shores Whitney project sent back for further environmental review
  3. City panel OKs master plan for La Jolla’s Scripps Park
  4. La Jolla Christmas Parade registration opens; lifeguards set as grand marshals
  5. Splash Bash to raise funds for aquatic center

Short URL:

Posted by Dave Schwab on Dec 1, 2010. Filed under Featured Story, La Jolla, News. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

La Jolla Community Calendar


Bottom Buttons 1

Bottom Buttons 2

Bottom Buttons 3

Bottom Buttons 4

Bottom Buttons 5

Bottom Buttons 6

RSS North Coastal News

  • Del Mar Thoroughbred Club releases statement concerning turf course July 27, 2014
    “Del Mar is deeply saddened by the loss of Thoroughbred lives we have experienced at the track since the start of our season. Four of those losses have come on our new turf course. Despite that, we continue to have the utmost confidence in the course, as do our partners in this race meet — the Thoroughbred Owners of California, the California Thoroughbred Tr […]
  • Carmel Valley Library to host piano trio in concert July 27, 2014
    The 45-minute program will include music by Debussy, Schubert, and Dvorak. […]
  • Del Mar residents back from Sports Chalet trip July 27, 2014
    The grand prize included round-trip airfare for two to Kahului Airport, accommodations at the Lumeria Maui, and tickets to OluKai’s annual Ho’olaulea’a concert. […]