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

  • Torrey Pines High School football starts Aug. 29 August 28, 2014
    The Torrey Pines varsity football team scrimmaged against San Marcos on Friday, Aug. 22. Their first game is at 7 p.m. Friday, Aug. 29. […]
  • Del Mar doctor faces 20 years for selling prescriptions to addicts August 28, 2014
    A Del Mar osteopath who sold painkiller prescriptions to addicts and drug dealers pleaded guilty in federal court Aug. 26 to conspiracy to unlawfully dispense and distribute oxycodone. William Joseph Watson faces up to 20 years in federal prison when he is sentenced Dec. 8, said Assistant U.S. Attorney Fred Sheppard. The defendant — who had been indicted on […]
  • Teacher thrilled to be back in Carmel Valley as new Canyon Crest Academy Envision Theatre Coordinator August 28, 2014
    Jeannine Marquie landed her dream teaching job when she began working at Canyon Crest Academy’s Envision in 2007. But when schools were hit by the recession and her position went from full time to part time, the actress-turned-teacher had to relocate to Orange County. Now starting her 18th year as a teacher, Marquie is back in Carmel Valley as the new theate […]