Sen. Mitt Romney‘s luxury real estate portfolio just got a little lighter. The Utah Republican recently sold his somewhat notorious La Jolla, CA, beach house for $23.5 million in an off-market transaction, according to the San Diego Union Tribune.
Romney purchased the property on the Pacific Ocean in May 2008, for $12 million. He then demolished the existing three-bedroom home on the narrow lot, which has an exceptional ocean view.
The former governor of Massachusetts proceeded to build a large luxury home, with five bedrooms and 6.5 bathrooms, on the almost half-acre lot.
Permits were originally pulled for the construction of a Mediterranean-style home that could top 11,000 square feet, but the square footage of the mansion on the sale document measures 8,153.
The luxe home has direct access to the beach, with about 65 feet of Pacific Ocean frontage.
Although Romney scaled down from his original plan, neighbors weren’t thrilled with the construction of the new house—deeming it too big for the narrow lot.
Romney also received a rash of negative publicity about the mansion during his 2012 presidential campaign against Barack Obama. When news spread that Romney planned to install an expensive car elevator for the home, Democrats said he was out of touch with the common man.
“The cars get the elevator, the workers get the shaft,” said then-Gov. Jennifer Granholm of Michigan said at the time.
Public record shows that the home was purchased in late May by the scientist and venture capitalist William Rastetter and his wife, Marisa.
Romney’s real estate portfolio has shrunk, but it remains impressive. He and his wife, Ann Romney, own four additional properties: a ski chalet in Park City, UT; a vacation home on Lake Winnipesaukee, NH; a 5,900-square-foot home in Holladay, UT, and a home in the Washington, DC, area.
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