La Jolla’s Foxhill estate is listed for sale for $49 million
The 30-acre property also is available as three sites purchased separately
La Jolla’s expansive Foxhill estate is positioned to make local real estate history.
The approximately 30-acre property at 7007 Country Club Drive has been listed for sale for $49 million, which would make it the highestpriced residence ever sold in San Diego County. It is listed with Drew and Tim Nelson of Willis Allen Real Estate in La Jolla.
The estate includes the Foxhill mansion, which was built in 1959 by San Diego Union and Evening Tribune publisher James Copley and has 10 bedrooms, 14 bathrooms, additional guest houses, a pool and sport courts, along with walking trails and garage parking for 12 cars.
Two additional “development sites” are the Romero (off Romero Drive) site and another off Country Club Drive, Drew Nelson said.
The Romero site is 22.4 acres containing native vegetation and about four developable acres. A conceptual plan for the site calls for building a 20,000-square-foot home with six bedrooms, seven bathrooms, two powder rooms, a gym, a
kets, which last 2.7 years on average, Wicker said.
The market is, in some sense, overdue: The last bear market ended in March 2020, early in the pandemic, and lasted only 33 days. Aside from that brief and anomalous downturn, there hasn’t been a sustained bear market since 2009, at the end of the financial crisis.
“We’ve gone more than 10 years without a real break to the downside,” Wicker said. “There’s a lot of investors out there that may have a 15year career but they’ve never seen inflation and a rising rate environment like the one we’re currently involved in.”
Global markets got a boost Friday from news that China had unexpectedly slashed a key interest rate as the country grapples with the fallout from strict pandemic restrictions, but fears of a growing global slowdown are still hanging over trading, according to Russ Mould, investment director at AJ Bell.
“Investors are worried that corporate earnings will
come under pressure, businesses will invest less money and consumers will cut back on their spending,” Mould said Friday in commentary. “Markets price in what they think will happen and increasingly investors fear recession.”
This week, attention has shifted to retailers as investors
consider the myriad ways inflation can strap their businesses, from soaring fuel expenses to swelling payrolls. Shares of Ross Stores plummeted 24 percent after it became the latest retailer to deliver disappointing earnings results; the discount chain slashed its yearly outlook, pointing
to an array of challenges eroding sales and margins. Target and Walmart voiced similar concerns about soaring costs and customers cutting back earlier this week, when they both endured their worst days of trading after their earnings reports spooked investors.
“We knew fiscal 2022 would be a difficult year to predict, especially the first half when we were facing last year’s record levels of government stimulus and significant customer pent-up demand as COVID restrictions eased,” Barbara Rentler, chief executive of Ross, said in a statement. “The external environment has also proven extremely challenging as the RussiaUkraine conflict has exacerbated inflationary pressures on the consumer not seen in 40 years.”
Retail sales edged up 0.9 percent in April according to the Commerce Department, suggesting inflationary concerns aren’t sidelining consumers just yet, even as staples like gas and groceries become more costly. But that is likely to change if pressures don’t abate, and it’s making investors anxious.
Cboe’s VIX, dubbed Wall Street’s “fear gauge,” is up 83 percent for the year, according to MarketWatch.
“Another week of incredible market volatility makes it increasingly clear that a ‘buy the dips’ strategy is somewhat treacherous,” David Donabedian, chief investment officer of CIBC Private Wealth US, said Friday in commentary. “Real time economic data for May is beginning to show warning signs that the economy is slowing down.”
Although the market has yet to find the bottom, Donabedian noted, “investors should remember that this is an uncomfortable but normal part of the market cycle.”
Gas prices hit a fresh record high Friday, with the U.S. average surpassing $4.59 a gallon, according to data tracked by AAA. This week, for the first time, the average price topped $4 in every U.S. state. This time last year, the average for a gallon of gas was $3.04.
Soaring energy prices present one of the biggest challenges for Group of Seven finance ministers at their upcoming meetings, as well as potentially deepening sanctions on Russia over its invasion of Ukraine. Europeans have discussed new measures to cut into Russia’s oil and gas revenue — the United States has already banned energy imports from Russia — but any such move could push prices up even further.