Some luxury homes can take years to sell, and unease about the economy hasn’t helped speed up the process.
San Diego County homes costing $6 million and up were taking an average 633 days to sell as of late May, according to Reports on Housing, up from 400 days last year. Homes from $4 million to $5.9 million were taking 308 days, up from 147 days last year. For comparison, properties listing close to the median home price — $750,000 to $1 million — were taking an average 77 days.
Experts say some affluent buyers are worried about the economy, which lately has been focused on President Donald Trump’s tariff policies. Steven Thomas, of Reports on Housing, said it’s true luxury buyers don’t have the same concerns as average Americans — such as the price of basic goods increasing — but they are affected by wild swings in the stock market.
“What they are doing is watching their portfolio all the time,” he said. “There is so much uncertainty. It goes up one day and then (the president) posts something on Truth Social, and the next thing you know the equity market is tanking. It’s just a volatile and uncertain time.”
Pending luxury home sales were down to their lowest level in more than a decade, said a recent Redfin study that looked at data from February to April.
In San Diego County, pending luxury sales were down 8.6% year over year and national luxury sales were off 9.9%. (Redfin defines luxury housing as homes estimated to be in the top 5% of market value.)
The most high-profile local property yet to find a buyer is the Sand Castle mansion in La Jolla, which went on sale for $108 million in October. The property made national and international news when it went on sale, mainly for its price. Then, it sat.
Private-equity billionaire Egon Durban’s $44.1 million purchase of 2940 Sandy Lane in Del Mar in October 2023 remains the biggest single residential sale in San Diego County history. There are three homes listed for sale right now that would break the record but they have to sell first.
Time is money for property owners, who must still pay property taxes, maintenance costs and anything else that comes up. It might not be as severe if the seller is living there until the home is sold but that often isn’t the case with ultra-luxury properties that sometimes serve as second, third or fourth homes.
In the mainstream real estate market, a home sitting for a long time usually means it is overpriced or there is something wrong with it, like a leaky roof. In luxury sales, Thomas said, there’s only a small pool of potential buyers for the nation’s most expensive homes, so it might just be a matter of waiting for the right buyer to come along.
As of late May, there were 3,573 San Diego County single-family properties for sale. Just 188 were listed for $6 million and up.
One of the most high-profile sales in recent San Diego County memory is singer Alicia Keys’ purchase of the Razor House in La Jolla in summer 2019. She made waves with the $20.8 million purchase of the iconic home, celebrated for its design. What might be forgotten is it took more than a year to sell and went through multiple real estate agents before a sale could be made.
There are 15 San Diego County homes listed for $10 million and up than have been on sale for six months or more. Here is our list in order of price:
Sand Castle mansion in La Jolla
The Sand Castle mansion in La Jolla went on sale in late October and has yet to have a price reduction from its $108 million asking price.
Built by billionaire Darwin Deason, it is his version of the Palace of Versailles in America. There is a private beach, carved stone columns, mosaics, marble floors, antique statues and more. At 13,000 square feet, it’s also one of the biggest oceanside properties in San Diego County.
Deason made his fortune as the founder of d Computer Services, which was sold to Xerox for more than $6 billion in 2009. He lives in Dallas and uses the Sand Castle as a vacation home. Listing agents said he was selling because he feels he doesn’t use the property enough.
Willow Creek Estate in Rancho Santa Fe
This 77-acre property hit the market in August 2024 for $100 million but had its price reduced to $84.9 million in March. The main home is 12,000 square feet and was built in the Santa Barbara architectural style.
Willow Creek Estate also comes with a two-bedroom guest house, private trails for hiking or horseback riding, a 15-acre lake, barns with 35 stalls, and an entertainment pavilion, which has a game room, bowling alley, gym, bar and kitchen. In total, the property has 26 bedrooms and 27 bathrooms.
Willow Creek Estate is owned by Art Nicholas, partner and co-founder of Nicholas Investment Partners. He previously owned Nicholas-Applegate Capital Management, which was sold in 2000 for $980 million to German insurer Allianz.
Beachfront mansion in Del Mar
This newly built oceanfront mansion hit the market for $75 million in November. At 2920 Camino Del Mar, it is just a few houses down from Bill Gates’ $43 million home and Durban’s record-setting $44.1 million purchase.
The 30,491-square-foot property features a main 4,508-square-foot house, two guest houses (353 square feet and 377 square feet), a pool and 75 feet of ocean frontage — one of the biggest in San Diego County. In total, there are seven bedrooms and eight bathrooms.
The owner, Sandra Naftzger, is selling the property because, listing agent Rande Turner said, she spends more of her time in the Los Angeles area. The property has belonged to her family since the 1930s.
Coronado bayfront mansion
The newly built mansion at 3 The Point in Coronado has been on the market since November 2023 when it went for sale for $43 million. In November, the price was reduced to $37.5 million.
The bayfront home is 11,715 square feet and has views of San Diego Bay with floor-to-ceiling windows throughout, a theater, and a 3,600-square-foot rooftop deck with a pool spa, and small golf course. It has seven bedrooms and nine and a half bathrooms. The property has 320 feet of private bayfront, so there is plenty of space for yachts or other watercraft.
The property is owned by a trust operated by the Call family, whose patriarch, Jay Call, was the founder of the Flying J. Fuel Co., a major chain of truck stops across North America. After a 2009 purchase, the company is now called Pilot Flying J.
La Jolla gated estate
This nearly 1.4-acre property in La Jolla is listed for $26.5 million and has been on the market since May 2024. It first went on the market for $26 million in May 2020, but the listing was removed about 1 1/2 years later.
The 11,404-square-foot home was built in 2013 and is two levels. It has six bedrooms and seven bathrooms. It is private for La Jolla, behind a gated entrance and barely visible from the street. Some of its features include an 18-car garage, theater room with bar, pool (with underwater speakers), heated floors and an elevator.
The property is owned by real estate developer Alan Sauvage, who primarily develops projects in the Las Vegas area.
Other homes waiting for a buyer
- 5893 Winland Hills Drive, Rancho Santa Fe: $21.9 million (on market since August)
- 5465 Vista De Fortuna, Rancho Santa Fe: $14 million (on market since June 2023)
- 6884 Poco Lago, Rancho Santa Fe: $13.8 million (on market since March 2024, price reduced in February)
- 5710 Dolphin Place, La Jolla: $12.5 million (on market since May 2024)
