Lake Washington two-home compound listed for $71 million
Dwayne Clark and his wife Terese Clark have listed their 2.3-acre two-home waterfront compound on Lake Washington for $71 million, The Wall Street Journal reported. The couple spent about $50 million over nearly two decades on the property, which includes a 9,600-square-foot Italian-style main house and a second home built as a wellness retreat. Listing agents said a sale near the asking price would set a Pacific Northwest record. Jeff Bezos sold a neighbourhood mansion for $63 million last year.
Source
Times of India — Top · read the original report ↗
Desk check · compared with the source
What the desk checked (5)
- Dwayne and Terese Clark have listed their 2.3-acre Lake Washington compound for $71 million. — Attributed in source to a Wall Street Journal report; figure appears in source.
- The couple invested about $50 million over nearly two decades on the property. — Figure appears in source, based on the WSJ report; not independently verifiable here.
- A sale near the asking price would set a Pacific Northwest residential record. — Attributed to listing agents Jay Kipp of Realogics Sotheby's International Realty and Haleh Clapp of Compass.
- Jeff Bezos sold his Hunts Point mansion last year for $63 million. — Attributed to agent Jay Kipp; source elsewhere calls it a record price without further detail.
- The Clarks have also listed a Santa Barbara beachfront home for $44.999 million and plan to move to Arizona. — Stated in source without separate attribution; consistent with rest of report.
Analysts’ view opinion
This is less a house story than a read on how thin — yet resilient — the top end of the US luxury housing market is. The Clarks have put in roughly $50 million over two decades and are asking $71 million; the paper gain looks healthy, but the real return only emerges after 20 years of inflation, upkeep and property taxes. A $63 million sale in the same neighbourhood last year gives the ask a reference benchmark, though the buyer pool at this price point is extremely small.
- The $71 million ask against roughly $50 million invested suggests a gross margin, but the story does not net out two decades of maintenance, taxes and inflation.
- The real pricing power sits in the land, waterfront frontage and two private docks rather than the structures or the Italian furnishings — where supply is fixed, land drives value.
- Selling turnkey saves a buyer time and rebuild cost, which can justify a premium, yet a highly personalised design can also narrow the already small pool of bidders.
- Trophy trades like the $63 million sale cited in the neighbourhood act as price anchors, and a new record can lift comparable valuations and, in turn, local property tax bases.
- The parallel $44.999 million Santa Barbara listing and a move to Arizona fit a broader pattern of wealthy relocation on tax, climate and lifestyle grounds — though the story attributes the move to sunshine and retirement.
What to watch — Watch the final price and days on market — a quick close near the ask would signal robust Pacific Northwest ultra-luxury demand, while a deep cut or a long listing would show how few buyers exist at this level.
This is an asking price only: the story does not establish that a sale will happen, that a record will be set, or who the buyer might be, nor the owners' net profit or tax outcome.
Deep dive
Research brief · 8 facts · 5 dates · exam-readyThe brief
Context
Dwayne Clark, 67, founder and CEO of senior-living company Áegis Living, and his wife Terese Clark, 66, a retired trauma nurse, have listed their two-home waterfront compound in Hunts Point, Bellevue, Washington, on Lake Washington, for $71 million, according to The Wall Street Journal. The couple assembled the 2.3-acre property in two purchases since 2008 and spent roughly $50 million over nearly two decades building an Italian-inspired residence and a separate wellness retreat. Listing agents say a sale near the asking price would set a record for Pacific Northwest residential real estate, where Jeff Bezos sold a Hunts Point mansion for $63 million last year. The Clarks are moving to Arizona for a sunnier climate, and Dwayne plans to retire this year.
Key facts
- The 2.3-acre two-home waterfront compound on Lake Washington is listed for $71 million, as reported by The Wall Street Journal.
- In 2008, the Clarks bought a 1.2-acre waterfront compound in Hunts Point, Bellevue, Washington, for $4.9 million.
- About a decade later they bought an adjacent 1.12-acre property for roughly $8 million and built a second home as a wellness retreat.
- The couple has invested about $50 million in the property over nearly two decades.
- The main house spans roughly 9,600 square feet with three bedrooms and an Italian-style piazza.
- The second residence, completed in 2024, has indoor and outdoor pools, a stone cottage and a garage that doubles as a ballroom.
- Jeff Bezos sold his Hunts Point mansion last year for $63 million, per listing agent Jay Kipp.
- The Clarks have also listed a beachfront home in Santa Barbara, California, for $44.999 million.
Timeline
- 2008Clarks purchase a 1.2-acre waterfront compound in Hunts Point, Bellevue, for $4.9 million; old cottage torn down and a ~9,600 sq ft residence built.
- About a decade later (c. 2018)Clarks buy an adjacent 1.12-acre property for roughly $8 million to build a wellness retreat.
- 2024Second residence, designed as a dedicated wellness retreat, is completed.
- Last yearJeff Bezos sells his Hunts Point mansion for a record $63 million.
- Now (as reported)Compound listed at $71 million; Santa Barbara home listed at $44.999 million; Dwayne Clark plans to retire this year and the couple to relocate to Arizona.
Who has a stake
- Dwayne Clark and Terese Clark — Sellers seeking about $71 million after roughly $50 million invested; planning retirement and relocation to Arizona.
- Jay Kipp, Realogics Sotheby's International Realty — Co-listing agent; says a sale near asking price would set a Pacific Northwest record.
- Haleh Clapp, Compass — Co-listing agent on the $71 million Hunts Point compound.
- Áegis Living — Senior-living company founded and led by Dwayne Clark, who plans to retire from his role this year.
- Hunts Point, Bellevue luxury property market — A record-setting sale would reset price benchmarks in a neighbourhood where Bezos sold for $63 million.
- Prospective buyer — Gets 2.3 acres, two Mediterranean-style homes, two private docks and a turnkey compound with Italian decor.
Why it matters
The listing tests the ceiling of the Pacific Northwest luxury housing market, where the current benchmark is Jeff Bezos's $63 million Hunts Point sale. It also illustrates how ultra-high-net-worth owners treat homes as long-horizon, bespoke assets: about $50 million spent over two decades on land assembly and construction against a $71 million ask. For readers, it is a window into how scarcity of waterfront land and wealth clustering drive record residential prices.
UPSC angle
Prelims pointers
- Lake Washington borders Hunts Point, Bellevue, in Washington state, USA.
- Listing price of the Clarks' two-home compound: $71 million for 2.3 acres.
- Jeff Bezos sold a Hunts Point mansion for $63 million last year - the regional record cited.
- Dwayne Clark is founder and CEO of senior-living company Áegis Living.
- Listing agencies involved: Realogics Sotheby's International Realty and Compass.
- A piazza is an open courtyard enclosed on four sides, a feature of Italian architecture.
Mains framing
Ultra-luxury residential real estate is driven less by construction cost than by the scarcity of location - here, 2.3 acres of Lake Washington waterfront with two private docks in a neighbourhood already anchored by billionaire ownership. The Clarks' case shows the economics: land bought for $4.9 million in 2008 and $8 million a decade later, roughly $50 million invested over nearly 20 years in custom construction and imported Italian furnishings, and a $71 million ask that, if realised, would set a Pacific Northwest record above Jeff Bezos's $63 million Hunts Point sale. Such trophy assets are illiquid and highly buyer-specific: bespoke features like a rain-sheltered piazza, a koi-pond bridge and a garage-ballroom add personal value but narrow the buyer pool, so final pricing depends on a handful of ultra-high-net-worth purchasers rather than broad market demand. Life-cycle factors also matter - retirement, climate preference and relocation to Arizona are prompting the sale alongside a $44.999 million Santa Barbara listing. The way forward for readers analysing such markets is to separate signalling records from underlying demand: single-transaction records reset neighbourhood benchmarks and valuations, but they reflect wealth concentration and land scarcity more than housing affordability or supply conditions.
Key terms
- Piazza
- An open courtyard enclosed on four sides, a hallmark of Italian architecture; built here despite Seattle-area rain.
- Turnkey property
- A home sold ready to occupy - in this case with curated decor and design elements sourced from Italy.
- Áegis Living
- Senior-living company founded and led by Dwayne Clark, from which he plans to retire this year.
- Microclimate
- Localised climate condition; Dwayne Clark says the sheltered piazza creates its own warmer microclimate.
- Wellness retreat home
- The second residence, completed 2024, with indoor and outdoor pools, stone cottage and ballroom-garage.
- Pacific Northwest record
- Highest residential sale price for the region; currently set by Bezos's $63 million Hunts Point sale.
Practice questions
- What factors explain record-setting prices in ultra-luxury waterfront residential markets? Illustrate with the Lake Washington compound listing.
- Highly customised trophy homes may add owner value but reduce marketability. Discuss with reference to the Clarks' $71 million Hunts Point listing.
- How do single high-value transactions, such as Jeff Bezos's $63 million Hunts Point sale, influence neighbourhood price benchmarks and valuations?
Grounded only in the source report — figures and dates are the source's, not inferred.