The owner of a newly constructed Crystal Cove estate that he quietly purchased two months ago and never lived in has relisted the Newport Coast property for 58% more than its $38 million sale price.

That adds up to $60 million.

But the seller’s agent said the price is not as audacious as it seems.

The 18,336-square-foot, Mediterranean-style mansion offers six bedrooms, 12 bathrooms and seamless indoor-outdoor living. Completed in 2024, it rises two levels on a flat, 3/4-acre-plus lot at the end of a cul-de-sac with wraparound rolling hillside and ocean views.

There’s also a subterranean level.

Property records show the seller is a Delaware LLC managed by Tony T. Huang and registered to his two-bedroom Veer Towers luxury condo on the Las Vegas strip. He bought the coastal home May 13 in an off-market deal from spec developer Tom Haigh of Haigh Builders Inc.

Marcy Weinstein of M|W|A at Compass, who represented Haigh at the time of the sale, then told the Southern California News Group that the buyer “happened to come along at a time when we were just starting the construction of it, so he got to contribute his input.”

Huang also got to negotiate and lock in that $38 million price.

According to current listing agent John Cain of Pacific Sotheby’s International Realty, his client (whom he did not name) “had to wait two years and all that market performance” for a certificate of occupancy as proof the house complies with municipal codes and is safe before it could close.

“It really was a function of the developer seeing a bird in hand and wanting to lock in a purchaser at that price, at that point in time, and not really speculate what the market would do essentially,” Cain said by phone. “But in the last couple of years, even with the high interest rates, Crystal Cove has become even more and more popular.

“If you look at what’s currently available on the market, most every custom home with an ocean view of all ages is being offered between $3,000 and $6,000 a square foot.”

Despite the sudden price spike to $60 million, Cain said the property is being offered at “the competitive extreme lower end of the range on a per-square-foot basis” compared with similar luxury homes in the neighborhood.

Consider an 11,095-square-foot estate in a neoclassical style with six bedrooms and eight bathrooms for $60.2 million — or $5,426 a square foot — on a smaller, ocean-facing lot.

The going price for a 10,900-square-foot, Mediterranean-style mansion with six bedrooms and seven bathrooms on over half an acre is $55 million — or $5,046 a square foot.

At $58.9 million, a 14,000-square-foot home with six bedrooms and 10 bathrooms that backs up to a 78-foot triangular infinity pool with a custom glass wall on a nearly half-acre lot breaks down to $4,206 a square foot.

Cain’s listing, which offers more living space and land, comes to $3,272 a square foot.

The walled and gated estate opens on a sleek patio with water features that leads to glass entry doors.

Inside, the towering foyer branches off into three different directions. There are an office, living room and great room straight ahead, with stops along the way.

A formal dining room connects to the gourmet kitchen through a butler’s pantry.

The kitchen boasts a large island with seating and a breakfast nook. It overlooks the California room, an extension of the living space not included in the overall square footage.

Take the elevator or wide floating staircase down to the light-filled subterranean level, where there’s a wet bar with a temperature-controlled wine wall, a game room and a mirrored gym with a full bathroom, sauna and cold plunge.

“It doesn’t even feel like below-grade living, which is another unique thing about this property,” Cain said. “This floor plan is a very symmetrical, very balanced layout. We’ve seen this design with more of the modern homes, but to have this scale — all the rooms are just that much bigger.”

Other highlights include limestone flooring, top-of-the-line plumbing fixtures and appliances, and marble throughout the home on fireplaces and countertops.

Motorized pocket doors off of the great room extend the indoor spaces outside.

The house backs up to a negative-edge infinity pool and spa, covered sitting areas, a fountain and lush landscaping.

Beyond the gated motor court at the front of the property is on-grade parking. And beyond that is a 10-car subterranean garage.

“It’s a very anomalous lot, and that’s another reason why it’s such a special offering,” Cain said. “That size of lot at the end of a cul-de-sac, and the privacy, and the panorama that you get is just unheard of on virtually every other lot in the neighborhood.”