Palos Verdes Estates Compound Sets a $24.3M Peninsula Record

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Quick answer: An oceanfront compound on a Palos Verdes Estates bluff sold on August 14 for $24.26 million, according to the Daily Breeze. That makes it the most expensive home sale on record on the Palos Verdes Peninsula, beating a $22.4 million Rolling Hills sale from October 2018. It closed 18.5% below its last asking price of $29.75 million.

There's a new top number on the Peninsula. Here's what sold, how the price moved, and what a record that closed below asking tells us about pricing at the very top of the coastal market.

What sold in Palos Verdes Estates

According to the Daily Breeze, it's a Santa Barbara Spanish-style compound completed in 2016. It's gated. It sits on more than an acre at the westernmost point of the bluff, with 180-degree views. The listing site shows the lot at 1.15 acres.

There are two homes on the property, 12,472 square feet in all:

• a 7,022-square-foot main house
• a 5,450-square-foot guest pavilion

Together they have seven bedrooms, 11 baths, and a seven-car garage. That's a lot of house.

The seller put the site together from two lots, bought for $4.9 million in July 2007 and $4.5 million in March 2011. Britt Austin and Cari Corbalis of Vista Sotheby's International Realty represented both sides of the deal.

A new price ceiling for the Peninsula

Before this sale, the Peninsula's top home sale was $22.4 million, in Rolling Hills in October 2018. That mark held until this August.

Here's why a record SALE matters. Anyone can list a home at any number. A recorded sale price is what a buyer actually paid. And now the highest one on the Peninsula sits above $24 million.

The price path: $35M, then $29.75M, then $24.26M

The compound first listed at $35 million in September 2023. The price was later cut to $29.75 million. Then the home was pulled from the open market. It closed at $24.26 million, 18.5% below that last asking price.

The listing site shows a list price of $29,750,000, a sale price of $24,258,063, and 442 days on market.

Back in 2023, Austin told SCNG: "I don't know why prices are (undervalued), but I think that will change." To be clear, that quote is from 2023, well before this sale closed.

What a below-asking record says about luxury pricing

Two things are true at the same time. This home set a Peninsula record. And it sold well under its last asking price.

That's a good reminder of how the numbers work, especially at the top of the market:

• List price is the seller's asking number. It's where the negotiation starts.
• Sale price is what the buyer pays at closing. That's the number that goes on the record.
• Days on market counts how long a home was listed. One-of-a-kind homes can take longer. There are fewer buyers at that level, and fewer similar sales to compare against.

If you own a top-tier coastal home, here's the plain lesson. The asking price sets the starting point. The buyer sets the final one. And if you're a buyer, a record headline doesn't mean every high-end listing is firm on price.

What it means for South Bay buyers and sellers

Most South Bay buyers aren't shopping at $24 million. The basics are the same at every price point, though. A home is worth what a buyer will pay, and its history on the market is part of the story.

Rates matter too if you're financing. The Mortgage Bankers Association reported that the average contract rate on a 30-year fixed-rate mortgage with a conforming loan balance rose to 7.30% for the week ending September 25.

Curious what's out there? You can browse Palos Verdes Estates homes for sale or Rolling Hills homes for sale. If you're thinking about buying or selling anywhere in the South Bay and want to talk through pricing, I'm happy to help. Call or text me at (424) 667-4140, or email kevin@kevinscottrealestate.com.

FAQ: The record Palos Verdes Estates sale

What is the most expensive home ever sold on the Palos Verdes Peninsula?
An oceanfront compound in Palos Verdes Estates that sold on August 14, 2026, for $24.26 million, according to the Daily Breeze. It's the highest home sale on record on the Peninsula.

What was the previous Palos Verdes Peninsula home sale record?
A $22.4 million sale in Rolling Hills in October 2018.

Did the record Palos Verdes Estates home sell above or below asking?
Below. It closed 18.5% below its last asking price of $29.75 million. It first listed at $35 million in September 2023.

How big is the record-setting Palos Verdes Estates compound?
It has two homes totaling 12,472 square feet: a 7,022-square-foot main house and a 5,450-square-foot guest pavilion. There are seven bedrooms, 11 baths, and a seven-car garage on more than an acre.

How long was the home on the market?
The listing site shows 442 days on market. The Daily Breeze reports the home was pulled from the open market after its price cut and before it sold.

Sources: Daily Breeze, Sandra Barrera, Sep 30, 2026; listing site, SB26178865; Mortgage Bankers Association weekly survey, Sep 30, 2026.

Kevin Scott Real Estate | eXp Realty | DRE 01958725