The Shady Canyon-inspired mansion of the Italian villa in Irvine owned by Milan Banic, the drug tycoon who once served as Yugoslavia’s prime minister, is on the market for $21.995 million.
The gated residence spans 15,088 square feet with seven en-suite bedrooms, 11 bathrooms, and an indoor pool with a custom mosaic sun deck.
Panić (pronounced Pahn-ish) bought the luxury property in December 2017 for $17 million, records at PropertyShark.com show, then listed it nearly two years later.
The home has been on and off the market since September 2019, when it sought $19 million. In July 2021, the list price dropped to $17.5 million and reappeared at current demand in April.
Decked out with limestone floors, wrought ironwork, and hand-carved marble fireplaces, the home was built on approximately 1.5 acres in 2003. French doors open from the main living areas to the backyard with unobstructed views of the golf course and rolling hills.
There is a large fire pit seating area.
The grounds also feature a front yard, a reflecting pond, limestone balconies, expansive lawns, and a Mediterranean-inspired landscape of olive trees, Italian cypress, and oak.
Coffered ceilings, Venetian stucco, and custom millwork adorn the home’s luxurious floor plan.
There is a 15-seat theater, a wine room with storage for 1,000 bottles, and a bar.
The main living areas include a formal living room, formal dining room, family room, kitchen with large central island, butler pantry and breakfast nook that opens onto the backyard and cooking suites.
There is also a tower library.
Use the stairs or elevator upstairs to the base suite. It has a custom walk-in wardrobe and a spa-like bathroom with a marble steam shower and jetted tub.
The wood-panelled office suite extends on two levels and opens onto the balcony with a staircase to the floor below.
Tim Smith of Coldwell Banker Realty holds the list.
Banic, 92, is a Serbian American businessman and former politician, who advocated peace and prosperity in the Balkans. He made millions through the pharmaceutical company he started in his Pasadena garage in 1960 and then took it all over the world. He resigned as president of publicly traded ICN Pharmaceuticals in 2002.
Although an American citizen, Banic ran against Slobodan Milosevic for Serbia’s president in 1992 but lost. He then served as Prime Minister of Yugoslavia from 1992 to 1993.
