Luxury Estate on Pebble Beach Golf Links Breaks Real Estate Record at $31.25M

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1416355499CARMEL, CA - A new benchmark was set on October 24, 2014 when an estate overlooking the 13th green of the Pebble Beach Golf Links closed for $31.25M. 3392 17 Mile Drive, or "Wit's End" as it was known, is a Spanish Colonial home built in 1929 and meticulously maintained by Richard Mellon Scaife for over 43 years. Previously, the highest price paid in Pebble Beach was for an oceanfront contemporary home three doors down from the Lodge at Pebble Beach, which closed for $28M in 2013. The sale of Wit's End brings the total number of Pebble Beach ocean and golf front sales to six so far in 2014, just below the all-time high in 2000 of seven. However, the prices of these homes has climbed substantially with $89.3M being spent on seven properties in 2000 and $102.6M spent on the six homes this year.

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To download the complete press release and additional photos, please visit: www.carmelrealtycompany.com/media-room-benchmark-sale-in-pebble-beach-393.htm

About Carmel Realty Company

Carmel Realty Company was the first Real Estate company in Carmel, California. The company was founded in 1913. For four generations since then, The Mitchell Family have led the Real Estate market in Carmel and Pebble Beach. In 2002, The Mitchell family made Carmel Realty part of The Mitchell Group, the largest privately held real estate office on the peninsula with 5 offices and over 130 agents. They have put in place an amazing infrastructure which enables them to be excellent in supporting their clients. In over 93 years of service, they have established trusted relationships with home owners, visitors, buyers, sellers, tenants, and the trades required to be excellent in their field. They leverage their experience and network to make connections between buyers and sellers, that no other company on the peninsula can match.