Laguna Beach 1920s Era Property, Ideal Family Compound For $10.5M

LAGUNA BEACH, CA — Opportunity knocks! This unique property under the same ownership since 1976 accommodates many different uses. It is located at the North end of gallery row and minutes to Heisler Park, beach, town and shopping.

• Address: 506 N Coast Hwy, Laguna Beach, California
• Price: $10,500,000
• Square Feet: 6000
• Bedrooms: 9
• Bathrooms: 9 Baths
• Built: 1920
• Features:

Currently it operates as short term rentals, it could be a home with income, family compound or long term rentals.

Comprised of two legal parcels,4 buildings & 2 historic homes. The Myrtle Cottage is 3 bedrooms, 3 baths split into 2 units upstairs is 2 bedrooms, 2 baths, kitchen and sun porch. The downstairs complete with caterer's kitchen and large Verandah,/sun room is rented for special events and owners quarters/office.

This structure is K rated. The Jacaranda Cottage is a one bedroom one bath single level cottage with large living room, sun porch, kitchen and laundry room it is E rated.

They are listed on the inventory of the City of Laguna Beach. They may qualify for Mills Act buyer to do their own investigation. There are two back buildings built in @1940 one with 2 studio apartments and a sleeping room. The other one with 3 one bedroom apartments. There are 8 garages one is converted to laundry and storage.

There are 2 other laundry rooms. They surround a large lushly landscaped courtyard that affords great privacy. Seller will only sell the two parcels together. It has been operating as short term rentals since 2001 and pays bed tax to the City of Laguna Beach at 14% of the gross income under 31 days. The permit is grandfathered.

This listing originally appeared on realtor.com. For more information and photos, click here.