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