The U.S. mail brought a copy of the article above from the Carmel Pine Cone, a weekly in Carmel, Calif., that chronicles happenings at the nearby Pebble Beach golf course and surrounding (pricey) neighborhood.
As you can see, Stephens Inc. CEO Warren Stephens of Little Rock made news in the Oct. 31 edition with his apparent record-breaking $31.25 million purchase of a home overlooking the 13th green of the golf links, plus views of Carmel Bay, Point Lobos and other surroundings. Taxes are going to eat him up — $315,000 annually. The local government is thrilled because the previous owner’s taxes had been frozen under California’s Prop. 13 at $2,700 a year.
The county assessor said that was the biggest jump he’d seen on a property parcel. The seller of the property: A trust established by the late billionaire Richard Mellon Scaife, a political soulmate of the Republican Stephens. He bought the house for less than $300,000 in 1970.
I say apparent purchase because Stephens didn’t talk to the paper and the property was bought by the WAS and HCS PB LLC. The newspaper figures that’s the Warren Stephens and Harriet Stephens Pebble Beach LLC. Stephens likes golf, too. He built the exclusive Alotian golf course on acreage west of Little Rock overlooking Lake Maumelle.
Real estate agent Mike Channing, who handled the deal, raved about the house in an interview with the Pine Cone:
I’ve never seen a home and property together that better captured the soul of Pebble Beach. There’s a timeless sense of almost historic elegance. The scale is very comfortable and understated, the grounds and the rose garden are wonderful and it’s an extraordinary experience just walking around the place.
Among other properties, Stephens also owns a home that borders the Country Club of Little Rock. It has no ocean view.