Real Estate

Laguna Beach Oceanfront Home Sells For Record-Breaking $70M

The estate was purchased by a New York hedge-fund manager in what agents say is a sales record for Orange County.

LAGUNA BEACH, CA — A New York hedge-fund manager broke Orange County sales records after he paid $70 million for an oceanfront mansion in Laguna Beach, the Wall Street Journal reported Friday.

Records indicated the new owners of the roughly 1-acre property in Abalone Point were Joseph Edelman, founder and CEO of the New York-based biotech hedge fund Perceptive Advisors, and his wife, Susan Lebovitz-Edelman, the WSJ reported.

Abalone Point is a gated community located on a peninsula, and the mansion spans about 18,000 square feet and features a pool cabana, an all-glass guesthouse, a screening room and a wine cellar.

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