A Big Montecito Estate Sells for Little Over Half Its Original $125 Million Asking Price

One of the largest residential properties in Montecito, Calif., a popular haven for wealthy, has sold for $63.25 million, about half of its original $125 million asking price, property records show.

The roughly 240-acre property initially came on the market in 2014, The Wall Street Journal reported.

Known as Rancho San Carlos, the estate includes a roughly 30,000-square-foot Monterey Colonial-style house with 12 bedrooms, 10 cottages, a small office building, equestrian facilities and about 100 acres of citrus and avocado orchards.

The property is the latest major transaction to close in the Montecito area as Angelenos head to Santa Barbara County amid the pandemic. Actor Rob Lowe and his wife Sheryl Lowe recently sold their Montecito home for $45.5 million, The Wall Street Journal reported.

Rancho San Carlos has enormous scale and a host of quirky amenities. Built around an interior courtyard, the main house has an English-style pub accessed through a hidden door, an underground badminton court and a small tower accessible from the master suite via an interior staircase, the listing agents said in 2014.

The sellers are the family of late rancher and property investor Charles H. Jackson, Jr., and his wife Ann Jackson, who bought the land in the 1920s. The couple bred race horses and dogs on the property. The buyer’s identity couldn’t be determined.

Jim Jackson, Mr. Jackson’s grandson, told The Wall Street Journal in 2014 that the family was selling because they were spread across the country, and the property was too difficult to maintain. The property hasn’t been used as a full-time residence since Ann Jackson died in 1990, he said at the time. He wasn’t immediately available for comment on the sale.

The property was listed by Suzanne Perkins of Compass and Harry Kolb of Sotheby’s International Realty. Both agents declined to comment.

Write to Katherine Clarke at katherine.clarke@wsj.com

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