Bill Gross buys $23M mansion in Newport

Pimco co-founder Bill Gross, who manages the largest bond fund in the world, has purchased an 11,000-square-foot mansion on Harbor Island for an estimated $23 million.

One of 30 homes on well-heeled Harbor Island, the Southern colonial-style mansion features nine bedrooms, 12 bathrooms, and a dock for two 100-foot boats.

“It has one of the best views on the bay in the city,” said real estate broker Bill Coté of First Team Estates, who represented the sellers, along with Gordon Cowan of Prudential Realty.

Originally listed for $26 million, 24 Harbor Island Drive is situated on a double lot and has more than 112 feet of bay frontage, according to a real estate brochure. A private courtyard on the property includes a swimming pool, spa and orchid house.

The home was previously owned by the estate of philanthropist Elizabeth Colyear Vincent, who died in February at the age of 94.

Kathryn White of McMonigle Group, who represented Gross in the deal, declined to comment on the sale.

Public records show the home was purchased through a trust July 7 and name Jeff Stubban as trustee. Stubban could not be immediately reached for comment. There has been speculation that Gross intends to tear the mansion down and rebuild.

“He may or may not, you never know,” Cote said. “I think it’s one of the things he’s considering.”

Gross and his wife, Sue, currently live in Laguna Beach. Forbes magazine listed Gross as the 380th richest American in 2007, with an estimated worth of $1.3 billion.