A bayfront mansion in Newport Beach, Calif., listed in 2008 at $38 million, has sold for $27 million, according to court records.

The 10-bedroom home is on Harbor Island, where Pimco's Bill Gross last year paid $23 million for a house, then tore it down. The seller in the recent transaction was DAKS, a limited-liability company majority-owned by apparel executive Arnold Simon, which paid $14 million in 2001 for the home. The 12,600-square-foot house has a subterranean garage for eight cars and more than 300 feet of bay frontage.

Listing agent Rob Giem of Christie's Great Estates affiliate HOM Group, who shared the listing with Vicki Lee of the same firm, says a Colorado couple in advertising bought the home through a trust. Mr. Giem and Kim Bibb, also of HOM Group, represented the buyer.

By JULIET CHUNG