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
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 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.
Copyright 2020, Dow Jones & Company, Inc. All Rights Reserved Worldwide. LEARN MORE
Pure Amazon has begun journeys deep into Peru’s Pacaya-Samiria National Reserve, combining contemporary design, Indigenous craftsmanship and intimate wildlife encounters in one of the richest ecosystems on Earth.
Australia’s housing market defies forecasts as prices surge past pandemic-era benchmarks.
First-home incentives can still form part of a long-term investment plan if used strategically.
3 min
Australia’s home prices continue to grow, and while that makes them great investments, they are also some of the most unaffordable in the world.
That’s why first-home buyer schemes such as the First Home Owner Grant, the First Home Guarantee, and stamp duty concessions have become so valuable.
These programs are designed to reduce upfront costs and fast-track people into homeownership.
But the question many aspiring investors are now asking is can these schemes be used as part of an investment strategy? These government initiatives aren’t designed for investors, but they can still play a key role in your long-term investment journey if used strategically.
What the schemes actually allow
Every first-home buyer incentive in Australia is created to support owner-occupiers, not investors.
Whether it’s a cash grant, reduced deposit requirement, or a stamp duty discount, the catch is always the same in that you must live in the property for a set period of time. For example, the First Home Owner Grant often requires you to live in the property for at least six to twelve months, depending on the state.
The First Home Guarantee allows you to purchase with just a 5 per cent deposit without paying lenders’ mortgage insurance, but again, you’re required to live in the property for at least one year.
Likewise, state-based stamp duty concessions are only available for properties intended as a principal place of residence. If your intention from the outset is to buy a property solely for rental income, you won’t be eligible. However, if you’re open to living in the property initially, then transitioning it into an investment, there’s a path forward.
A strategy that works
Rentvesting has emerged as one of the most practical ways for first-time buyers to take advantage of these schemes while also laying the groundwork for a property portfolio.
The concept is simply, buying a property in an area you can afford (using the first-home buyer schemes to assist), live in it for the minimum required period, and then rent it out after fulfilling the occupancy condition.
This approach lets you legally access the benefits of first-home buyer schemes while building equity and entering the market sooner. Instead of waiting years to save a full 20 per cent deposit for an investment property, or getting priced out altogether, you get your foot in the door with reduced upfront costs.
Once you’ve satisfied the live-in requirement, the property can become an income-generating asset and even serve as collateral for your next purchase.
What to look for in a rentvestment property
If you plan to eventually convert the property into an investment, you need to think beyond your short-term living experience. It’s essential to buy a property that performs well both as a home and as a long-term asset.
That means looking at key fundamentals like location, rental demand, and growth potential. Suburbs with strong infrastructure, access to employment hubs, good transport links, and low vacancy rates should be high on your list.
A balanced price-to-rent ratio will help ensure manageable holding costs once the property transitions to an investment.
Established low-density areas often outperform high-rise apartment developments that flood the market with supply and limit capital growth. And ideally, your property should offer scope for future improvements, whether that’s a cosmetic renovation, granny flat addition, or potential to subdivide down the track.
Mistakes to avoid
There are a few common missteps that can undermine this strategy. The first is selling too soon. Some grants and stamp duty concessions include clawback provisions if you offload the property within a short period, which could see you lose the benefits or even owe money back.
It’s also a mistake to let the lure of a government handout sway your purchasing decision. A $10,000 grant doesn’t justify compromising on location, growth prospects, or property fundamentals.
Another pitfall is failing to consider the financial impact once the property becomes an investment. Repayments, tax treatment, and outgoings may change, so it’s important to stress-test your position from day one.
Lastly, beware of buying into oversupplied areas simply because they’re marketed to first-home buyers. Not all new builds are good investments. If hundreds of identical properties are being built nearby, your long-term growth could be seriously limited.
With the right approach, your first home can be the foundation for an entire property portfolio. It starts with using available government support to lower your entry cost.
From there, you occupy the property for the required time, convert it to an investment, and leverage the equity and rental income to fund your next purchase.
Many of the most successful investors today began with a single, strategically chosen property purchased using these exact schemes. By buying well, you can turn your first home into the launchpad for long-term wealth.
Abdullah Nouh is the Founder of Mecca Property Group (MPG), a buyers’ advisory firm specialising in investment opportunities in residential and commercial real estate. In recent years, his team has acquired over $300 million worth of assets for 250+ clients across Australia.
A 30-metre masterpiece unveiled in Monaco brings Lamborghini’s supercar drama to the high seas, powered by 7,600 horsepower and unmistakable Italian design.
Records keep falling in 2025 as harbourfront, beachfront and blue-chip estates crowd the top of the market.
