$45 Million Mediterranean Estate In Santa Barbara, CA | Homes of the Rich – The #1 Real Estate Blog

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  • Doug

    I like this house. It even comes with fire sprinklers which is good considering the wildfire danger of the area. Needs a more centrally located home office though.

  • Drake

    Beautiful estate. While I’m surprised at how low many Montecito estates have been selling for, even I took a double-take at $45 million price. That’s an illusion for multiple reasons.
    First, this home was sold 3 years ago for something like $21.5 million. No changes were made to the property. A bunch of permits were pulled for various things. None of them completed. Yet now the property is on the market for over twice as much.
    Second, there aren’t any comparable home sales to establish this asking price. The highest sale as of late (past year) in entire Montecito/unincorporated Santa Barbara area was $27.5 million for a property above E. Mountain Dr. While that home sits on half of the acreage of this estate and is a bit smaller sq footage, E. Mountain Dr. locale is the most pricey minus estates with direct beach access. Also, take into account a 9 acre estate w/ 12000 sq ft house on Picacho sold for “only” $21.5 million and that land/area is probably more well known…
    In my humble opinion, somewhere around $25-27.5 million is where the Cima del Mundo estate might end up selling for… if it sells. There’s been more movement in Montecito high end real estate. But estates like this are typically on the market for years. Not only because of fire dangers and a lack of water… this area doesn’t appeal to young/hip crowd. Mainly retired people who want supreme privacy. But also because there are so many other pretty estates in the area for sale for less money that anybody with deep enough pockets would jump for.
    The only 2 reasons that could explain this price are: a) seller/real estate agent are doing the typical “ask for 2 times as much as we really want in anticipation of haggling” or b) a buyer is already lined up.
    On a separate note, according to County Assessor, property is 4.75 acres not 10. Unless the parcel directly south is included (it’s owned by same entity as this estate). That parcel had permits for a 14k ft home nearly approved but they recently expired. So current owner must’ve gotten cold feet, ran out of money, or plainly decided to flee the area.
    These are all my own opinions. I could be wrong.

  • horselips

    Since this is essentially a one floor mansion, with no 2nd story to oppress the public rooms on the first floor, why, for $45 million, couldn’t they specify double height rooms throughout? It could have been breathtaking, instead, it’s just nice.


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