A tiny studio, occupying a coveted spot along Laguna Beach’s stunning coastline in California, has been listed for an eye-watering $18.8 million.
This quaint seaside cottage, located at 1041 Marine Drive, offers just 432 square feet of living space, a stark contrast to the expansive luxury homes that flank it.
However, the true value of this property lies in its generous 8,500-square-foot lot, a rarity in Southern California’s highly sought-after coastal region.
In stark comparison, nearby properties highlight the unique nature of this listing. The residence at 1051 Marine Drive encompasses 2,183 square feet and is valued at $11 million, while another at 1031 Marine Drive boasts 4,700 square feet with a price tag of approximately $16.4 million.
Despite its modest size, the cottage offers one bathroom, a sunroom, a spacious backyard, breathtaking views of the Pacific Ocean, and even a private staircase leading directly to the beach.
The real estate listing emphasizes the lot’s “rare” and “oversized” nature, with panoramic vistas reminiscent of the French Riviera.
“By day, enjoy endless ocean vistas; by night, the coastline sparkles with lights,” the listing says.
Listing agent Garrett Rau told The Post the property’s biggest draw is its location in North Laguna.
“Shaw’s Cove is highly regarded as being one of the top beaches along the California coastline,” he said, noting The Godfather actress Diane Keaton once owned homes in the area.
“It’s an unmatched view,” he added.
The cottage, built in 1923, is “presumed to be an artist’s cabin,” according to co-listing agent Rob Giem, who said its history adds to its appeal.
“That artistic lineage lends the property a rare sense of place and irreplaceability,” he said.
Giem said the standout feature remains the 8,500-square-foot lot, an opportunity he described as coming along “once in every 10 or 20 years.”
The property last sold for $7.35 million in 2020, less than half its current asking price.
Agents say the dramatic jump is tied to a historic preservation rule that was recently struck down, clearing the way for buyers to potentially demolish the cottage and rebuild their own mansion.
“The cottage is usable. It allows a buyer to come in and use it as a seaside, summer cottage, however they see fit until they get their plans approved and they can ultimately build whatever they decide,” Rau said.
Rau said there has already been interest, but agents are holding out for the “right buyer.”
Ultimately, both agents agreed the real prize is the land.
“I think ultimately the [cottage] is going to be replaced,” Rau said.
