Billionaire Paul Merage Lists Newport Coast Mansion for $40M
Frozen Foods Entrepreneur’s 11,000-Square-Foot Estate Hits the Market
Frozen foods billionaire Paul Merage has put his 11,000-square-foot mansion in Newport Beach’s Newport Coast on the market for $40 million. The inventor of Hot Pockets, who now heads locally based MIG Capital, listed the six-bedroom, 10-bathroom house at 9 Sailcrest, in the gated Pelican Crest, the Orange County Register reported.
A Mediterranean-Style Oasis with Sweeping Ocean Views
The two-story Mediterranean-style mansion, built in 2001 on more than a third of an acre, has sweeping views of the Pacific Ocean and Newport Harbor. The property has belonged to Merage since June 1998, according to public records.
Expansive Living Spaces and Luxurious Amenities
Upstairs, a primary bedroom has French doors that open onto a wraparound balcony. The room includes two walk-in closets and two bathrooms, the largest of which has a soaking tub and separate glass-enclosed shower. There’s an underground level with a wine cellar and tasting room, gym, home spa, and garage lined with walls of storage closets. An elevator runs between all three levels.
Brokers Representing the Property
Brokers Rex McKown and Marcy Weinstein of M | W | A at Compass hold the listing.
About Paul Merage and MIG Capital
Merage, 82, co-founded Chef America, where he created Hot Pockets. The Iranian businessman and his brother, David, sold the frozen-food business in 2001 to Nestlé for $2.6 billion. In 2005, Merage donated $30 million to a business school at UC Irvine that now bears his name. His MIG Capital has $1 billion in assets under management, including more than 4 million square feet of industrial, office, and grocery-anchored shopping centers; nearly 7,000 apartment units; and more than 1,100 hotel rooms, the Business Journal reported.
Conclusion
This impressive Newport Coast estate is a rare opportunity for a buyer to own a piece of luxury real estate. With its breathtaking views, expansive living spaces, and luxurious amenities, this property is sure to attract attention from high-end buyers.
FAQs
* What is the asking price for the estate? $40 million
* How many bedrooms and bathrooms does the estate have? 6 and 10, respectively
* Who is the listing agent for the property? Rex McKown and Marcy Weinstein of M | W | A at Compass
* When was the property built? 2001
* What is the size of the property? 11,000 square feet
