La Jolla Shores Residential Land Sells for $35M
A sale of La Jolla Shores residential land has tied for a record of the highest sale price in the neighborhood — $35 million.
The 4.5-acre lot located at 8303 La Jolla Shores Drive is mostly a blank slate despite its location about 2,000 feet from the beach at La Jolla Shores, according to the San Diego Union-Tribune. That’s unique for the area.
Reportedly, the last time a property sold for as much was in May 2024, when a 30-acre property at 7007 Country Club Drive also sold for $35 million.
The property at 8303 La Jolla Shores Drive has been in various stages of development for years. A La Jolla-based company has owned the property since at least 2018. That company bought the property that year for $24 million.
The new owners are reportedly six separate parties who plan to build six separate homes on the land. To make the purchase, they formed a limited liability corporation called Cielo Mar La Jolla. Although the new owners currently have approval for their planned development, construction is likely at least a year away.
According to sources, the six parties include three international families and three Southern California families. They did not know each other prior to the purchase, but came together to make it.
Although the La Jolla Shores land is mostly a blank slate, there is currently a 3,304-square-foot home on the lot that was built in the 1940s. It will reportedly be torn down to make room for the six new homes.
The record for the biggest home sale ever in San Diego County was a property at 2240 Sandy Lane in Del Mar, which sold for $44.1 million in October 2023.
Media credit: Image courtesy of Redfin
Mike Peterson is a writer, editor, and strategist based in San Diego. When he’s not writing and editing the La Jolla news, you can often find him practicing yoga, rock climbing, or exploring the outdoors with his wife and dog.
