A prime Manhattan Beach duplex marketed as a possible teardown has sold for $11.8 million.
The existing 2,800-square-foot beach house at 816 The Strand dates from the mid-1950s and has six bedrooms and five bathrooms between its units. Marketing materials from Strand Hill Christie’s Real Estate calls the property, which is just under 3,400 square feet in size, a “great opportunity to build your dream home,” and includes a rendering of a new home that could be built there.
The buyer was The Pier Surf Project LLC, which leads back to Century City-based investment management firm Kayne Anderson Capital Advisors. The sellers were the Gysin and McFarland family trusts, both based in Santa Cruz.
The duplex sits near the corner of 9th Street, less than 1,000 feet from the Manhattan Beach Pier, a prime location in the oceanside town. Listing agent Brigitte Pratt would not confirm whether or not the buyer planned to redevelop the property.
In 2017, a home about a half a mile south on The Strand sold for $18.4 million, at the time most expensive sale in Manhattan Beach. The buyer was John Baumer, a partner at private equity firm Leonard Green & Partners.
Baumer’s purchase was eclipsed a few months later when another financial manager, Peter Nolan, sold his Nantucket-style home at 814 Pacific Avenue for $19.9 million.
Chris Richardson, the president of Strand Hill Christie’s Real Estate, said his clients in Manhattan Beach include athletes, bankers and tech-industry workers. He said there are few new families or “move up” buyers because many homes remain expensive.
Manhattan Beach has a number of celebrity residents, including actor Vince Vaughn, Lakers Head Coach Luke Walton, and actress Zooey Deschanel, who purchased a home there in January 2018. Not long after, Walton upgraded from a 5,100-square-foot home to a 10,000-square-foot mansion, according to Yolanda’s Little Black Book, a real estate blog.
Source: The Real Deal Los Angeles