A lavish La Jolla home that became well-known for hosting raucous parties with celebrity guests has recently graced the marked once again for an asking price of $25 million. The home, which was owned by the late David Copley, the former publisher of the San Diego Union-Tribune who passed away in 2012 at age 60 with no heirs.
The storied mansion known as Foxhill sits on eight exquisite acres on Country Club Drive. The home itself is 17,368 square feet and features seven bedrooms, nine bathrooms and a 12-car garage outfitted with lifts. Some of the more exciting amenities of the home include a library and office, formal dining room, professional kitchen, staff quarters and a fitness center. The grounds of the estate feature multiple gardens, pool courtyard areas and a guest house.
Perhaps the most lavish aspect of all is the wonderful history the home has seen. Before David Copley owned the home it belonged to his mother, Helen Copley who hosted many parties with esteemed guests such as former President Richard Nixon. The Copley matriarch passed away in 2004 at the age of 81.
Following the younger Copley’s untimely death, Foxhill was listed at $28 million in October 2013 by the Copley estate. After languishing on the market for some time the property was reduced and put back on the market recently for $3 million less. Perhaps good vibes from another Copley estate sale will follow over to Foxhill. David Copley’s 15,000-square-foot mansion on Virginia Way in La Jolla sold in October 2014 for a reported $5.95 million.
La Jolla Luxury Home Market Update
With the Copley family making up much of the inventory in La Jolla over the last few years, it’s no wonder that the real estate market has been flourishing for high-end homes in this beautiful community. According to Altos Research, a California-based real estate analytics company, home values have been rather constant while market conditions have been remaining pretty close to neutral which is great for both home buyers and sellers.
At the beginning of 2015, home prices upticked just a little bit in La Jolla, before leveling out for a few weeks. Altos reports the current median single-family home value in La Jolla to be $2,645,457. This value is down from one year ago when home prices peaked just over $3 million, which was likely due to pressures brought on by severely limited inventory, which caused price run ups throughout all markets.
With home prices not fluctuating much in the last few weeks, it’s pretty safe to say that conditions between buyers and sellers in this luxury market are pretty evenly matched. Altos measures buyer and seller favor through a unique value known as the Market Action Index, which uses 30 as a neutral value.
With a current MAI leaning just over neutral at 31.92, La Jolla is experiencing just a little lean in favor of home sellers, but the market is still pretty fair.
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