$33 million for an oceanfront teardown on Pebble Beach’s 17-Mile Drive

Over nine acres of waterfront property on Pebble Beach’s famed 17-Mile Drive—and the potential teardown that comes with it—has recently come to market asking $32.95 million. Or, for the bargain price of 25 million, luxury buyers can cut back to a mere 5.46 acres, which includes the 1930 main home and a large guest home. The adjacent and empty 4-acre property can be sold separately.

Both parcels were bequeathed to the Community Foundation of Monterey County in 2017, according to an article on the property in the Wall Street Journal. Proceeds from the sale would create an endowed fund to support local health care and animal welfare organizations.

The oceanfront property, located on Sunset Point, has “true panoramic views [that] extend from Point Lobos, to the Big Sur coastline, onward to the endless Pacific and up to Cypress Point; the setting is unlike any other,” according to the marketing site.

It adds that the existing seven-bedroom, 9,700-square-foot Mediterranean-style home built in 1930 could be rehabbed or cleared to “build your dream home.” Co-listing agent Jessica Canning told the WSJ that “prospective buyers would likely rebuild the home on the same footprint, as doing so might make it easier to obtain necessary permits.” (We assume the same is also true for the 1,150-square-foot guest house.)

Canning added that properties of this stature in Pebble Beach are often purchased by Texas buyers and that the market there has less to do with luxury comparables elsewhere in Monterey and more to do with the going rate for a gallon of crude. “We do tend to track pretty closely with oil prices,” she said.

But even a recent dip in that commodity didn’t stop another oceanfront teardown in Pebble Beach, dubbed “Canary Cottage”, from selling for $28 million. And that property was only 2.2 acres.

Emily Landes is a writer and editor who is obsessed with all things real estate.