Asking price for Corona del Mar cliffhanger: $75 million

Dear Miki:I saw on the news that Johnny Carson's Malibu home is up for sale at a staggering amount. Please tell me, what are the most expensive homes on the market in Folsom and El Dorado Hills?M. B.Dear M. B.:The home of late "Tonight Show" host Johnny Carson is on the market for almost $42 million. On approximately four acres, the 7,100-square-foot main dwelling built in 1980 sits on a bluff overlooking Paradise Cove.There is plenty of room for the 2,700-square-foot guesthouse and tennis court. Although Carson's price tag is nothing to sneeze at, the real estate community is flabbergasted at another mansion waiting for a buyer with deep pockets in an Armani or clown suit. If you can't prove you have a net worth of $500 million or an annual salary of $10 million, don't bother asking John McMonigle, to looky-loo through "Portabello," a vainglorious cliffhanger in Corona del Mar.McMonigle of Coldwell Banker Previews International sniffed that $75 million was a reasonable price, considering the land is worth $45 million, and it would cost up to $1,500 per square foot to rebuild the house.He was quoted as saying, "I'm very confident we'll sell it, and I'm investing a significant amount of money in that belief." I'll bet he is. Bill Cote, owner of Cote Realty Group in Newport Beach, reportedly voiced that Portabello's asking price was 300 percent more than the highest amount ever paid for an Orange County home. "It's a highly customized house that fits the ego" of the homeowner, he said, adding, "someone who has $75 million can get something built to fit with their own ego and get exactly what they want.""Every agent in town is talking about it," observed real estate broker Mark Whitehead, who sells homes in Corona del Mar.Whitehead allegedly commented, "It's a joke. It's an image thing. It's an ego trip to sell the most expensive home on the market, but at the end of the day, you've got to sell the ... thing."And putting it into more perspective, "Anyone with any brains will do homework and will find out it's so far off the planet. With that kind of money, people would rather buy Johnny Carson's home for a lot less."Rick Goodwin, publisher of Ultimate Homes magazine, which documents the 1,000 most expensive homes for sale, had a much kinder view regarding the pricey home."It's not surprising because (Orange County) is a world-class destination." Orange County, like Palm Beach and the Hamptons is "where people with money want to be." Well, it certainly seems so if you've flipped the channel and seen The Real Housewives of Orange County. It's a reality show featuring a clutch of desperate women clinging to egos conjoined to street addresses.With so much fuss going on, just who owns Portabello, this jaw-dropping tribute to self-esteem? It is none other than Frank Pritt, founder of software maker Attachmate Corporation who in the late 1990s purchased three oceanfront homes on Brighton Road for $13 million.After razing them to the ground, it took Pritt four years of blood, sweat (probably not), tears and truckloads of money to build this manse with views of Catalina Island, Palos Verdes and Dana Point. The "soft contemporary," 30,000-square-foot mansion features state-of-the-art electronics, a water treatment system, three pools with a swim-up bar and winding tunnel slide, two spas, a theater with rows of lounge seats, a two-story grotto, and gymnasium.Eight bedrooms and 10 bathrooms, bowling alley, café, wine cellar behind a bank-vault door and just under an acre of beachfront land almost rounds out the description of Portabello.The master suite is the size of an average California home (probably mine) and the 16-car subterranean parking is for Pritt's car collection, which includes an Alfa Romeo and a Duesenberg (not mine).And now to get back to the real world, the most expensive homes listed currently for sale are $1,950,000, that's $453.49 per-square-foot, in Folsom and $4,750,000, that's $677.02 per-square-foot, in El Dorado Hills.They almost seem under-priced, don't they?"Ask Miki' is a column of opinion, and anything herein is not intended for financial, legal, medical or tax advice. Please contact your financial planner, real estate and tax attorneys for all matters relating to real estate. Miki Garcia is a real estate agent in Folsom and specializes in Folsom, El Dorado Hills and surrounding areas. She can be reached at 941-2421 or email her at mikigarcia@sbcglobal.net