11.5-Acre Oceanfront ‘Masterpiece’ in Gold Beach That Is Sinking Into the Ground Snags a Buyer for Just $1.6 Million

An 11.5-acre “architectural masterpiece” in Oregon that sold for the bargain price of $1.6 million might seem like the ultimate deal. But a closer look at the fine print reveals a major catch tied up in the sale of the property: It’s slowly sinking into the ground.

At first glance, the multilevel contemporary overlooking the Pacific Ocean in Gold Beach offers all of the luxurious amenities you could ask for.

From a gourmet kitchen with built-in pizza oven to a 2,000-square-foot, ocean-facing primary suite, and even a home theater and wine cellar, its $1,595,000 price tag seems like the deal of a lifetime.

But its “known settling issues requiring foundation stabilization” aren’t for the faint of heart.

The listing warned that the next “visionary” investor should be prepared to shell about $580,000 to $980,000 for foundation stabilization of the three-bedroom residence, which was put on the market as is.

While listing agent Jude Hodge, of Re/Max Coast and Country – OR, was quick to note that there is no immediate danger of the home falling from its hillside perch or crumbling to the ground, she conceded that the property is facing some significant issues.

“We are not worried about it falling down the hill, but there is a sinking issue that needs to be fixed immediately,” Hodge explained.

While Hodge says there are no visible cracks in the foundation, the house is sinking on one side.

“When it was built in 2002, piers were not mandatory and were unknown at that point,” she said. “It is pretty severe on the side where the office is because it was built on land that is so wet.”

Foundation stabilization will require the installation of pylons and helical piers, a process that calls for expert input before any work can be done.

“They are going to have to take the floor out of the third level and drill down to bedrock about 66 feet,” she said. “They can go to 150 feet, if they need to. Then they’re going to have to put the floors back in.

“They will have to dig 12 feet around the entire home to put helical piers around the entire structure, but once it is done, the home is going nowhere.”

However, these issues have not stopped one buyer from taking a leap of faith, with the listing showing that the property is currently pending sale.

In fact, Hodge revealed there were several offers made on the property—which many savvy investors saw as a great opportunity to snag a prime piece of oceanfront land for a significantly reduced price.

“It is already pending sale and we have received multiple offers,” Hodge said. “Nearly 12 oceanfront acres is not something you come across every day. It should be about $5.5 million.

“It’s a serious and expensive maneuver that will take anywhere from an estimated eight months to a year, but it will be worth it.”

Highlights found inside the home “designed as a showplace” include 14-foot ceilings, exposed stone, hardwood floors, floor-to-ceiling glass walls, and five fireplaces.

“The kitchen has an eight-burner double Viking range and Viking six-burner cooktop,” she said. “There is also a wood-fired pizza oven and a rotisserie that you could turn into another fireplace if you wanted.”

The 8,214-square-foot open floor plan also boasts a 2,000-square-foot upstairs primary suite with fireplace and fitness center.

“It has cedar ceilings, which are very rare and hard to find, a walk-in shower, separate toilet room, and exterior access to a big deck with a hot tub,” she said.

A home office, wine cellar with tasting room, and screening room can all be found on the lower level.

The property originally hit the market in September for $1,795,000 before receiving a $200,000 price chop last month.

“The recent reduction is a loss for the seller, but she needed to drop the price to ensure a buyer and that the property would sustain no further damage from winter storms,” Hodge said. “Once the work is done, there will be no future questions about the foundation.”