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BY DAVE SCHWAB
A bank-ordered public auction for a foreclosed oceanfront “trophy lot” at 1620 Torrey Pines Road is set for Nov. 30 at the La Jolla Museum of Contemporary Art, 700 Prospect St., starting at noon.
The 13,452-square-foot lot is being offered by Patrick Miller and Trever Jensen of Lee & Associates in cooperation with Steve Uhlir of SURE Real Estate and Auction Company of America.
Uhlir said this oceanfront property is unique in that much of the groundwork for its development is in place.
“It’s a lot that has, literally, four years of permitting under its belt,” he said, noting Coastal Commission permits have been obtained and are included in the purchase price.
Uhlir said the property previously has 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.
“I don’t know where the bidding ultimately will begin,” Uhlir said of the Nov. 30 auction. “It’s subject to the bank changing the price. But it has a value listed at $6 million, and the bidding will start well below that. It hasn’t been disclosed yet what the bank is asking, but they may actually come down on that number.”
Uhlir characterized this auction parcel as a “deal.”
“This is one of those properties that the right buyer has been looking for, something where all the hard work, a couple million dollars in improvements including a retaining wall, storm drain, etc. required to get started on the permitting process, has been done,” he said. “So someone coming in here is way ahead of the game with a very improved lot and the permitting required to commence construction.”
Being touted as “one of the last buildable” oceanfront lots in La Jolla, Uhlir said 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, carport and an elevator.
For more information visit www.LaJollaAuction.com.