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Listing Details

1487 Ocean Pearl Road, Corolla

$1,995,000
  • Agent Remarks: You can live the dream in this oceanfront estate. Views of the Atlantic Ocean and the Currituck Sound where the wild horses roam. Perched on a highly elevated corner of Penny’s Hill-the second largest sand dune in North Carolina. It is only accessible by four wheel drive vehicles. Penny’s Hill is the ideal destination for those looking to escape. There are no paved roads, no restaurants, gas stations or stores so come prepared! Currently used as an investment by seller, it is primarily rented as an event home(weddings/corporate outings) and rents in the past have grossed $347k/season. Sold fully furnished, its a turnkey investment. Actual past return on investment ranges from 15-17% Prepared to sleep 36 people, it contains everything needed to host an event. Inside is a large gourmet kitchen, with a huge pantry that has 2 additional refrigerators, 4 ovens, wine cooler, commercial icemaker and steamer, 18 bedrooms, movie theatre, billiard/rec room/bar, laundry room, utility room with water conditioning systems, lots of entertaining spaces, player piano, and 1000sf wedding suite with private deck overlooking the ocean, oversized shower with 9 shower-heads. Outside is a private pool with wet bar, hot tub and poolside cabana, two outside showers, two outside toilets, and a huge 1800 sun deck/dance floor/outside dining area. This area has permanent stakes installed for a 30’x50′ tent. Well maintained, with recent maintenance to include new fortified roof in May 2020, siding, flashing, and paint. 7 weeks already booked in 2021. Rents this year will hit $250k range due to the Covid19 scare killing the spring/early summer rents.

Property Details

  • MLS #: 108996
  • Area: 4-Wheel Drive Area
  • Year Built: 1996
  • Listing Date: 2020-04-13
  • Waterfront Location: Oceanfront
  • Subdivision: O’Neal Minor
  • PropertyType: Single Family – Detached

Interior Features

  • Bedrooms: 18
  • Bathrooms: 12
  • Partial Baths: 3
  • Heated Square Footage: 10200
  • Interior Features: 9′ Ceilings,All Window Treatments,Cathedral Ceiling(s),Dryer Connection,Gas Connection,Gas Fireplace,Ice Maker Connection,Master Bath,Pantry,Walk in Closet,Washer Connection,Wet Bar
  • Countertops: Granite
  • Air Conditioning: Central,Heat Pump,Zoned
  • Heating: Central,Electric,Geo-Thermal,Zoned
  • Appliances: 2nd Dishwasher,2nd Refrigerator,Countertop Range,Dishwasher,Dryer,Freezer,Ice Machine,Microwave,Range/Oven,Refrigerator w/Ice Maker,Wall Oven,Washer,Wine Cooler
  • Floor Coverings: Carpet,Ceramic Tile,Plank
  • View Description: Ocean,Park Serv/Preserve,Sound
  • Optional Rooms: Foyer,Game Room,Home Theater,Pantry
  • Furnishings Available YN: Yes
  • Annual Rental Income Dollars: 347525

Exterior Features

  • Extra Features: Beach Access, Ceiling Fan(s), Covered Decks, Hot Tub, Intercom, Jet Tub, Outside Lighting, Outside Shower, Patio, Smoke Detector(s), Sun Deck, Water Filter, Water Softener, Whirlpool Spa, Tiki Bar, Inside Laundry Room
  • Lot Size Dimensions: 90×950
  • Lot Square Footage: 85500
  • Lot Faces NEWS: E
  • Directions: from the end of the paved road the house is 2.3 miles north. turn West on Munson Lane and home is first on left.
  • Taxes: 6192
  • Tax Year: 2019
  • Water: Private,Well
  • Roads: Unpaved
  • Parking: Off Street,Paved
  • Garage: 3 + Car
  • Pool: In Ground,Outdoor,Private Pool
  • Roof: Asphalt/Fiber Shingle
  • Style: Coastal,Contemporary
  • Construction: Frame,Wood
  • Exterior: Vinyl
  • Sewer Septic: Private Septic
  • Lot Description: Adj to Park Serv./Preserv,Beach Frontage,Corner,Irregular Terrain,Water Frontage
  • Foundation: Piling,Slab
  • County: Currituck

Financial Information

  • Price: $1,995,000
  • Listing Office 1 Name: Outer Banks Realty Group
  • Listing Agent 1: Cooper Hawk
  • Listing Agent 2: Jenny Hawk

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Ariel photograph of Nags Head looking south along Highway 12 on the Outer Banks.

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