Environmental Protection at the Heart of Landmark Pebble Beach Real Estate Transaction

Posted by Lesley Penater — April 18, 2016

1461014034PEBBLE BEACH, CA - On April 6, 2016, a long term commitment was executed to protect what has naturally become a marine sanctuary along a private beach off the world renowned 17-Mile Drive in Pebble Beach, California. This commitment to protecting the marine environment comes at a time when ownership of a landmark oceanfront estate is transferring from one wildlife philanthropist to another equally devoted to protecting the California coastline for generations to come.

The estate, known as “Otter Cove” over the past two decades, was built on a family’s legacy of love and leaves behind a legacy of protection for the marine mammals that brought the family so much joy and wonder through the years.

“It’s been our honor to live here among the rare cypress trees and along this rocky coastline where the sea otters and harbor seals were our friendly neighbors. Knowing they will be protected in the way we’ve watched over them through the years, gives me great peace as we move on to our wildlife preserve,” said Peter Read, seller of Otter Cove.

Formalizing the commitment to protect the marine wildlife that inhabit the shores off Otter Cove is just the beginning to the legacy this family will leave behind as they are using the proceeds from the sale of their home to create a wildlife preserve in an undisclosed location in Northern California.

The 2.35 acre property with an estate custom built in the French Normandy style was listed last summer for $35M. The property sold for $28M to fellow marine wildlife benefactors dedicated to the stewardship of protecting and providing refuge to the sea otters and harbor seals who find sanctuary along this rare private beach.  

“It was imperative that the new owners of this special property share our client’s desire to honor and carry on their legacy to protect the wildlife along this rare unspoiled piece of California coastline,” said Shelly Mitchell Lynch of Carmel Realty Company, who represented the seller.

Although this area is known both nationally and internationally for its luxury lifestyle, those who’ve chosen to live here do so with a commitment to protecting the local environment that’s made this small part of the California coastline so iconic. 

“It was a pleasure to work with Sharon Pelino of Coldwell Banker Del Monte who represented the buyers, to fulfill these two philanthropists’ commitment to the environment,” expressed Lynch.

About Carmel Realty Company

Carmel Realty Company, an Exclusive Affiliate of Christie’s International Real Estate and Board of Regent’s member of Who’s Who in Luxury Real Estate, is the oldest real estate firm on the Monterey Peninsula. Over a century old, the company focuses exclusively on high-end real estate. In addition to being the leader in the luxury real estate market, Carmel Realty Company is the market leader in luxury vacation rentals, managing short and long-term rental homes. The company leverages the personal insight and skill of its agents with industry-leading technology and a world-class marketing team.

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