A Rare Frank Lloyd Wright-Designed California Home Sells for $22 Million
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A Rare Frank Lloyd Wright-Designed California Home Sells for $22 Million

The ship-like house is the only one of its kind by the architect on the ocean

By KATHERINE CLARKE
Wed, Feb 22, 2023 9:29amGrey Clock 3 min

A significant Frank Lloyd Wright-designed home in Carmel-by-the-Sea, Calif., has sold for its asking price of $22 million, an enormous price per square foot for the area.

The single-storey, roughly 1,400-square-foot property, on a rocky promontory overlooking Carmel Bay, is the only home of its kind completed by architect Frank Lloyd Wright in a coastal environment, according to paperwork submitted for its designation on the National Register of Historic Places. Sitting on a triangular site, the house appears like a ship’s prow growing out of the landscape.

According to the historic places report, the home’s most prominent feature is a hexagonal living room framed in glass panels with panoramic views over the coastline. The three bedrooms are located in wings to the rear of the property, which is shaped like an arrow. Mr. Wright had the lot lowered 4 feet to enable the house to melt into the landscape, the report shows. The house made the National Register of Historic Places in 2016, records show.

The sellers are a group of descendants of the home’s original owner Della Walker, an artist and the widow of Minneapolis lumber executive Clinton Walker. The couple relocated to California in 1904, living there for four decades before Mr. Walker’s death in 1944, the historic places report says. The descendants couldn’t immediately be reached for comment.

The buyer is Esperanza Carmel LLC, records show. The company’s website describes it as a real-estate investment and development firm. It is headed by Patrice Pastor, a businessman and property developer based in Monaco, and owns other significant properties in the Carmel area. A spokesperson for Esperanza did not immediately respond to a request for comment.

Ms. Walker originally wrote to Mr. Wright in 1945, asking him to consider the project, according to the historic places report.

“I am a woman living alone—I wish protection from the wind and privacy from the road and a house as enduring as the rocks but as transparent and charming as the waves and delicate as the seashore,” she wrote. “You are the only man who can do this—will you help me?”

Mr. Wright quickly agreed to work on the project, expressing his pleasure that her letter was “brief and to the point.” In later correspondence between the pair, Ms. Walker wrote to the architect that her daughter had sent her a picture of Fallingwater, the architectural house Mr. Wright had designed in Pennsylvania. “If Mr. Wright did this for a stream, what will he do for an ocean,” she said her daughter wrote.

The original construction of the house, constructed from cedar wood, Carmel stone, steel, copper, concrete and glass, was completed in 1952. In 1956, a studio addition was designed by Mr. Wright for Ms. Walker’s craftwork and weaving at the southeast corner of the building. The plans were eventually used to make way for an expanded primary bedroom in 1960, the report says. The total lot size is around 14,000 square feet and includes a small beach, according to the sellers’ agent.

Canning Properties Group of Sotheby’s International Realty represented the sellers in the deal. Jessica Canning said the home was a rare combination of the ideal setting and architectural pedigree. Though she declined to comment on the buyer, she said the property had sold to the buyer with the very first showing.

“They fell in love with it exactly how it is, right down to the pillows and the books,” she said, noting that all the furniture was included in the sale. “The authenticity and character of it was one of the major draws.”

The famous Carmel Butterfly house is named for the shape of its roof. It has an asking price of US$40m

The property is one of a number of architecturally significant homes that have been marketed for sale in Carmel over the past year. Carmel’s Butterfly House, known for its distinctive Midcentury Modern architectural look, is on the market for $40 million. In July, Brad Pitt bought a roughly century-old home designed by Charles Sumner Greene, a prominent early 20th-century architect known for championing the American Arts and Crafts movement, for $40 million.



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Strong consumer spending and tight supply have driven retail to the top of commercial property, but signs of pressure are starting to emerge.

By Jeni O'Dowd
Mon, May 4, 2026 2 min

Australia’s retail property sector entered 2026 as the strongest performing commercial asset class, but rising geopolitical risks and cost pressures are beginning to test its resilience, according to new research from Knight Frank.

The latest Australian Retail Review shows the sector rode a wave of consumer spending and constrained supply through 2025, delivering total returns of 9.2 per cent and driving transaction volumes up 43 per cent year-on-year to $14.4 billion.

That momentum carried into early 2026, with around $3.6 billion in deals recorded in the first quarter alone.

“Retail clearly emerged as the standout commercial property performer in 2025,” said Knight Frank Senior Economist, Research & Consulting Alistair Read.

“Improving household spending, limited new supply and stronger leasing fundamentals combined to drive better income growth and renewed investor confidence in the sector.”

Spending rebound drives retail strength

A lift in household spending has been central to the sector’s performance. Consumer spending rose 4.6 per cent year-on-year to February 2026, supported by easing inflation and improving real incomes.

That shift flowed directly into retailer performance, with average EBIT margins across major retailers rising to 8.9 per cent in the first half of 2026, their strongest level in several years.

“Stronger consumer spending was critical in restoring momentum to the retail sector,” Mr Read said.

“Retailers have generally been better able to absorb costs, rebuild margins and support sustainable rental outcomes, particularly in higher-quality centres.”

Improved trading conditions also pushed leasing spreads up 4.2 per cent in 2025, reinforcing income growth and supporting capital values.

Geopolitical tensions begin to bite

But the outlook has become more complicated. The report warns that escalating conflict in the Middle East and its impact on fuel prices, supply chains and interest rates could weigh heavily on consumer spending.

“Higher fuel prices, flow-on cost pressures across supply chains, and recent interest rate increases are collectively squeezing household budgets, and early consumer sentiment data suggests confidence is already softening,” Mr Read said.

“While household balance sheets remain generally resilient, heightened uncertainty over future costs is likely to weigh on spending — particularly in discretionary categories — in the months ahead.”

The impact is already being felt in investment activity. While the year began strongly, transaction volumes slowed in March as investors paused amid the uncertainty.

“Early indicators suggest elevated uncertainty has already begun to affect the market. While retail investment enjoyed its strongest start to a year in a decade, with nearly $3 billion transacted by the end of February, activity stalled in March, as investors took a pause amid elevated uncertainty,” Mr Read said.

Solid foundations support medium-term outlook

Despite the near-term headwinds, Knight Frank maintains that the sector’s underlying fundamentals remain strong. Limited new supply, high construction costs and population growth are expected to continue supporting rental growth over the medium term.

“Retail has entered this period of uncertainty from a position of strength,” Mr Read said.

“Supply-side constraints, population growth and improving income fundamentals remain powerful structural supports for the sector.”

The report highlights several trends shaping the year ahead, including steady yields as interest rates rise, mounting pressure on tenant margins, continued outperformance of prime centres, the growing need for logistics integration, and risks linked to underinvestment in capital expenditure.

For now, retail remains a sector with momentum, but one increasingly at the mercy of forces far beyond the shopping centre.

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