A Tuscan farmhouse-style estate at 1 Clear Water in Newport Coast's Crystal Cove Estate Collection sold Monday, Aug. 3, for $38.9 million, making it Newport Beach's second-most expensive residential sale of 2026.

The sale also caps a rapid flip. Pelican Real Estate Fund LLC, managed by Pelican Management Trust, bought the 12,347-square-foot property from the family of Jennifer Lynn Penske for $30 million in January. Pelican relisted it in May at $46.5 million, later cut the ask to $42.995 million and closed at $38.9 million. That's an $8.9 million gain, roughly 30% appreciation, in about seven months.

Orange County records identify the buyer as Eric Alon. Paul Daftarian and Joe Poppingo of Luxe Real Estate represented Alon; Michael Fawaz of Compass held the listing. Both sides declined to comment publicly, according to the OC Register, which first reported the deal from county filings.

The property sits on a double lot exceeding one acre in the double-guard-gated community, with 280-degree ocean views stretching toward Palos Verdes Peninsula and Long Beach. Irvine-based Pridemark Contractors Inc. custom-built it for Penske, whose husband Roger S. Penske Jr. chairs the SoCal Penske Dealer Group. The family purchased two vacant neighboring lots in 2008 and combined them; construction finished in 2012.

The main house spans 10,464 square feet with five bedrooms, while a separate 1,883-square-foot guest house adds a sixth bedroom, bringing the total to six bedrooms and 10 bathrooms. Amenities include a screening room, infinity-edge pool, putting green, six-car garage and a motor court for six additional vehicles.

Crystal Cove has become the center of Newport Beach's ultra-luxury market this year. Three sales above $30 million have closed in the enclave through August: a $43.56 million off-market deal in January that remains the year's priciest Newport Beach transaction, the $38.9 million Aug. 3 sale and a $30 million Pelican Crest sale in late March.

"There is a shockingly low number of available options out there and record low inventory," Daftarian said in a July 13 Orange County Business Journal article about a separate Spyglass Hill sale, describing the supply crunch across coastal Orange County at every price point.

No permits for renovation of the property have been filed as of Aug. 6.