Southern California’s ‘Sand Castle’ mansion reduces price by $15.5 million

San Diego’s most high-profile home listing has reduced its price by $15.5 million

The Sand Castle mansion at 1900 Spindrift Drive in La Jolla hit the market in October 2024 with an asking price of $108 million and has yet to find a buyer. As of Thursday morning, the new price is $92.5 million.

Billionaire Darwin Deason built the property to be his version of the Palace of Versailles in America. There is a private beach, carved stone columns, mosaics, marble floors, antique statues and more. At 13,000 square feet, it’s also one of the biggest oceanside properties in San Diego County.

Deason died in December at 85 years old. He made his fortune as the founder of Affiliated Computer Services, which was sold to Xerox for more than $6 billion. The home is being sold by family members.

Listing agents Ross Clark and Brett Dickinson said they have had 17 billionaires tour the property since it went on sale, and are proud of their marketing push.

“Everyone that is wealthy looks at the price, looks at a deal,” Dickinson said. “Paying over $100 million for something, and paying something in the $90 millions, is psychologically different for a buyer.”

Clark and Dickinson said they are confident they will find a buyer. The pair broke San Diego records last year when they sold a mansion in La Jolla for $47 million.

The price reduction comes at a strong time for the luxury market. The market sale time was 371 days for a San Diego County home costing $6 million and up in January, said Reports on Housing, down from 544 days at the same time last year.

In October, a Del Mar mansion shattered San Diego County records for the most expensive residential property after it sold for $50 million.

There are 17 homes at $6 million and up in escrow in the past 30 days, said data from Reports on Housing, compared to nine at the same time last year. There are also fewer luxury mansions for sale: 50 homes listed at $6 million and up, compared to 67 homes at the same time last year.

Data from Clark and Dickinson’s office showed 17 homes sold for $10 million and up last year in La Jolla, up from seven in 2024. There were 10 in 2023, 13 in 2024, 14 in 2021 and nine in 2020.

Of course, a $10 million home is a lot different than a $92.5 million property. Clark is steadfast in his belief that there is a buyer out there for the Sand Castle, which would shatter the $50 million San Diego County record set last year if it comes close to the asking price.

He said wealthy buyers are seeking out La Jolla more and more, instead of the usual haunts of Beverly Hills and other areas of Los Angeles and Orange counties.

“There’s just so much money coming here now,” Clark said of La Jolla.

Steven Thomas, of Reports on Housing, said recent big sales have pushed what’s possible in San Diego County, with several sales last year near $50 million. He said a home around $90 million goes way past that and could be a tough sell. However, Thomas said the Sand Castle mansion might be in a class of its own.

“Stretching it from the $40 millions to the $50 millions, that makes sense. I can see that,” Thomas said, “But, this is a totally different house. You can’t compare any of them to (the Sand Castle).”

One thing that sets the Sand Castle apart is that it would be impossible to replicate. Its seawall and beach access would not be allowed under current California Coastal Act standards. Also, a massive mansion in any San Diego neighborhood — even La Jolla — could face tough hurdles if built from scratch today because of city planners pushing for more density to increase affordability.

Deason bought the property and a neighboring parcel for $26 million in 2009 from Doug Manchester, a hotel developer and former owner of The San Diego Union-Tribune. He proceeded to turn Manchester’s home, sort of a basic beach house with a pink hue, into a European-style mansion.

The property has 10 bedrooms, spread across the main house and guesthouse. Some of the features include a dining room with 18- and 24-karat gold detailing on the ceiling and a crystal chandelier, a nautically themed bar with 18th-century mermaid statues, a saltwater pool, gym, manicured hedges and custom-made rugs and furniture.

There is a small private beach on the property, as well as a private gate that leads directly to the public beach. There are also two naturally occurring caves, which have been affixed with doors.

The estimated annual property tax would be at least $1.3 million for the Sand Castle.