As I pointed out a few blogs back, many foreigners are taking advantage of lower Orange County real estate sale prices and buying up land all throughout the County. The latest land to go? South OC icons the Balboa Bay Club and the Newport Beach Country Club. While the sale price wasn’t disclosed, we can imagine that International Bay Clubs, the firm that owns the two OC staples, received a pretty penny from Chinese inventor Winston Chung.
Chung, an entrepreneur from Shenzen, China, who recently donated $10 million to UC Riverside’s Bourns College of Engineering, is expected to take over the two South Orange County landmarks in 30 days, after a short escrow. Beverly Ray Parkhurst, who operates International Bay Clubs, is expected to remain on the board of the new company. No word on why Ms. Parkhurst decided to sell the beautiful Orange County properties.
The Balboa Bay Club, located on 15 acres of waterfront along Pacific Coast Highway’s “Mariner’s Mile” features a private club, a marina, a conference and banquet center, a 160-room hotel and 145 apartments. It has hosted many visiting dignitaries and provided the reception site for many gorgeous Orange County weddings. Because the land that the Balboa Bay Club is only 10 years into a 50 year lease with the city of Newport Beach, the city must approve the real estate transaction first.