LAGUNA BEACH, Calif.—Setting an all-time high record for home price in Orange County, a biotech hedge fund mogul purchased a $70 million oceanfront estate, nearly doubling the price the last time the property was sold in 2018. Joseph Edelman, founder and CEO of the New York-based Perspective Advisors, and his wife, Susan Lebovitz-Edelman, purchased the 18,000-square-foot property—about the size of four full-size basketball courts—despite its absence from the market. “They specifically wanted something on a large lot that was newer and preferably in a gated community,” Jon Curci of Compass, who helped represent the buyer, told the Orange County Register. Sitting on a cliff above Emerald Bay, the property is one of the 12 oceanfront homes in the private community of Irvine Cove. The Italian palazzo-style residence includes five bedrooms in the main house, a glass-covered guest home, an ocean-facing pool cabana, massage room, gym, screening room, and a 10,000-bottle …