Three Arch Bay Oceanfront Home and Guest Cottage. Majority of home and a guest cottage were completely rebuilt and expanded in 1983 from original 1932 home owned by General Proctor, of the Proctor & Gamble Company, the compound is rich in history. This historically-significant Three Arch Bay estate unfolds over a third of an acre on two parcels. This oceanfront wonderland has its own brick staircase to the beach. A brick pathway winds past seaside gardens, lawns, and a guest cottage. The main house was a major production designed in a nautical style with reclaimed appointments including porthole windows. There are 4 fireplaces located throughout the property. Outdoors, a brick patio stretches across the oceanfront providing an entertainment venue including an outdoor kitchen outfitted with bar and television. Beyond charming this is truly a storied piece of ocean paradise in beautiful Laguna Beach. The home has a Mills Act Contract with the City of Laguna Beach and receives a significant tax benefit from it. See County Tax Collector website for details. The Mills Act Historical Property Contract Program allows qualifying owners to receive a potential property tax reduction and use the savings to help rehabilitate, restore and maintain their buildings. The Mills Act is the single most important economic incentive program in California for the restoration and preservation of historic buildings by private property owners. Enacted in 1972, the Mills Act legislation grants participating local governments (cities and counties) authority to enter into contracts with owners of qualified historic properties who actively participate in the restoration and maintenance of their properties to receive property tax relief.