A Del Mar mansion just slashed its asking price by $15.5 million

A sluggish luxury market has led to a Del Mar mansion price drop its asking price by $15.5 million.

The newly built mansion at 2920 Camino Del Mar went on sale in November for $75 million but recently had its price changed to $59.5 million.

A multi-million dollar haircut isn’t unheard of for a final sale price, as luxury properties are often listed high but make concessions as it comes time to sign on the dotted line. Alicia Keys’  purchase of the Razor House in La Jolla in summer 2019 for $20.8 million was a roughly $9 million discount from its original listing price.

Yet a big price change before a sale could indicate continued unease over the economy from potential buyers, said Steven Thomas, of Reports on Housing. He said concern over the stock market, which has been volatile with changing tariff policies from the White House, is still an issue. However, he said the Del Mar mansion is still wildly expensive even in the luxury space.

“I know it sounds like a fire sale,” Thomas said. “But it is still a $60 million house.”

He said only five homes have sold for more than $50 million in Southern California in the past 12 months. Three of the homes were in Beverly Hills and two were in the Bel Air area.

Affluent buyers should benefit from the last week’s passage of President Donald Trump’s tax cuts. About 60% of the tax cuts are expected to go to the top 20% of earners, said the nonpartisan Tax Policy Center. It also noted changes to the estate tax are likely to offset taxes on wealthier Americans: It made permanent an estate tax reduction, which allows heirs to pay no taxes on homes valued at less than $15 million. The cap was set to fall to $7 million next year, before the bill was passed and signed by the president last week.

Thomas said he wasn’t convinced the changes would move the needle on the luxury market. He reasoned wealthier Americans already have a lot of money so they won’t make big decisions based on a tax cut in the same way, say, a middle-class person might.

“Yeah, they get a tax break. But they are sitting with so much money in the bank,” Thomas said. “It’s not like these people are desperate.”

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.

The beachfront mansion at 2920 Camino Del Mar, if it sold for its current listing price, would break the record for biggest sale. 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.

The $59.5 million property is 30,491 square feet, with 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, its listing agent said in November, she spends more of her time in the Los Angeles area. The property has belonged to her family since the 1930s. It took around 12 years to convert the lot, which involved various approvals for the construction of a new seawall and other improvements, as well as a challenge from a neighbor over the construction.

The property comes with a 15- by 40-foot pool, hot tub and resting chair area. New Zealand Christmas trees, fig leaf plants and paspalum grass accent the outdoor living space. The biggest selling point of the property might be the sea wall, constructed in 2021. The deck area features a gas fireplace, plenty of space for entertaining and  drainage systems throughout in the rare case water makes it over the seawall.