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Stearns Lending Founder’s Home Sells for $20 Mil

Mortgage News

Glenn B. Stearns, founder and board member of Stearns Lending LLC, has sold his three-story French chateau-style home in Newport Coast, California, for $19.65 million.

The seven-bedroom house is set on a double lot of nearly an acre in guard-gated Pelican Hill.

The home was on the market for $23 million in January 2017. The sale price set a record for this year in the Pelican Hill community, according to Rex McKown and Marcy Weinstein of Surterre Properties, the agents who listed the property. McKown also represented the buyer.

Within the 13,532 square feet of living space are a gourmet kitchen, brick wine cellar, tiered home theater and game room with a bar. Interior highlights include a spiral staircase, stately columns and ornate fireplaces.

The house overlooks the Pelican Hill golf course and views of the Pacific Ocean and Newport Harbor.

Stearns founded Stearns Lending in 1989 when he was 25 years old. He was inducted into the Horatio Alger Association of Distinguished Americans in 2011. The honor is given to individuals who become successful after overcoming a challenging start.

Stearns says he was dyslexic, failed fourth grade, fathered a child at age 14, had a drinking problem and wound up in jail, but that his entrepreneurial spirit led him to surmount those strikes against him.

Stearns and his wife Mindy repeatedly have been honored for their community service and philanthropy.

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