The indoor pool pavilion. (Photo by Toby Ponnay)

The foyer. (Photo by Toby Ponnay)

The living room. (Photo by Toby Ponnay)

The dining room. (Photo by Toby Ponnay)

The bar. (Photo by Toby Ponnay)

The family room. (Photo by Toby Ponnay)

The kitchen. (Photo by Toby Ponnay)

Outdoor kitchen and dining area. (Photo by Toby Ponnay)

The primary bedroom. (Photo by Toby Ponnay)

The primary bathroom. (Photo by Toby Ponnay)

The theater. (Photo by Toby Ponnay)

The wine room. (Photo by Toby Ponnay)

The fire pit seating area. (Photo by Toby Ponnay)



An Italian villa-inspired Shady Canyon mansion in Irvine owned by Milan Panić, the pharmaceutical magnate 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 ensuite bedrooms, 11 bathrooms and an indoor pool with a custom mosaic sun design.

Panić (pronounced Pahn-ish) bought the luxury property in December 2017 for $17 million, as records viewed at show, and then listed it nearly two years later.

The house 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 re-surfaced at its current ask in April.

Adorned with limestone floors, wrought ironwork and hand-carved marble fireplaces, the home built on nearly 1.5 acres in 2003 makes the most of its location. French doors open from the main living areas to the backyard with unobstructed views of the golf course and rolling hills.

There’s a large fire pit seating area.

The grounds also boast a front courtyard, reflecting pool, limestone terraces, expansive lawns, and a Mediterranean-inspired landscape of olive, Italian cypress and oak trees.

Barrel and coffered ceilings, Venetian plaster and custom millwork adorn the luxurious floorplan inside the house.

There’s 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, and kitchen with a large center island, butler’s pantry and breakfast nook that opens to the backyard and cooking pavilions.

There’s also a tower library.

Take the stairs or elevator upstairs to the primary suite. It has a custom closet and a spa-like bathroom with a marble steam shower and jetted tub.

The wood-paneled office suite spans two levels and opens to the terrace with a staircase to the grounds below.

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Tim Smith of Coldwell Banker Realty holds the listing.

Panić, 92, a Serbian-American entrepreneur and former politician, championed peace and prosperity in the Balkans. He made millions with the pharmaceutical company he started in his Pasadena garage in 1960 and then took it worldwide. He resigned as head of the publicly-traded ICN Pharmaceuticals in 2002.

Although he’s a U.S. citizen, Panić ran against Slobodan Milošević for president of Serbia in 1992 but lost. He then served as the prime minister of Yugoslavia from 1992 to 1993.