Former St. John Knits executive Mike Gray recently sold his contemporary waterfront estate on Newport Beach’s Lido Isle for $30 million.
That’s 37% less than the original $47.5 million asking price.
The 8,868-square-foot home stretches across 3.5 lots, a configuration the city no longer permits, and has 105 feet of harbor frontage. Inside are four bedrooms, six bathrooms and floor-to-ceiling glass walls that slide open, extending the living space out.
Records show Gray and his wife, Lori, bought the property in 2017 for $12.55 million. Extensively remodeled and updated in 2018, they listed the house in April 2022, and then dropped the asking price by 16% to $39.75 million in April 2024.
Escrow closed July 1.
The buyer, according to the grant deed seen at PropertyShark.com, is Lloyd Smith, the owner and chairman of LDI Mechanical, a family-owned mechanical contracting company based in Corona. Smith is in the process of selling his 4,000-square-foot waterfront residence on the other side of the isle for $22.5 million.
That house is within walking distance to the newly purchased residence, which sits behind a hand-carved gate depicting seabirds in flight.
The gate opens to a lush courtyard.
Behind the dual entry doors is an open-plan living space that combines living and dining rooms with the kitchen, anchored by a large French limestone island with bar seating.
There’s also a full-service caterers kitchen.
Upstairs, on the second level, is the primary suite. It opens to a balcony overlooking the harbor and has a sitting area, dual closets, a fitness center and vaulted ceiling with skylights that illuminate the spa bathroom with a suspended hammock tub and a walk-in shower.
There’s also an executive office.
A wraparound Porcelanosa tile patio off the first level includes fire elements and an infinity zero-edged pool. The entertainer’s cabana with an outdoor kitchen, living room and heated flooring.
At the water’s edge, a private dock accommodates 60, 40 and two 28-foot vessels with the option to reconfigure for a 100-foot yacht.
Garage parking for six vehicles rounds out the property.
Sean Stanfield and Ryan Tarr of Pacific Sotheby’s International Realty handled both sides of the deal.
Before establishing Sweet Life Enterprises, a baked goods company that he sold in 2007, Gray worked at St. John Knits, a luxury women’s clothing line founded by his late father in 1962.
He and his wife support charitable organizations, including Hoag Hospital. In 2018, Hoag Health Center Newport Beach was named the Mike and Lori Gray Campus in recognition of their generous donations.
