This Carpinteria compound, which just listed at $160 million, includes two custom homes. Welcome back to the Real Estate newsletter. As home prices keep setting records, one hedge fund manager is seeing just how far he can go.
Bruce Kovner, an investor who also serves as chairman of the board of the Juilliard School, trotted his Carpinteria compound onto the market this week for $160 million. That makes it the priciest property currently available in California. (Well technically, this humble single-story home in the city of Vallejo is listed at $400 million as of Aug. 19, but I’m going to chalk that up to a clerical error — although I do respect the ambition.)
If Kovner gets his price, it’ll be the second-highest home sale the state has ever seen, just behind the $165 million that Amazon’s space-savvy co-founder Jeff Bezos paid for the famed Warner Estate in Beverly Hills last year.
Meanwhile, Michelle Pfeiffer got her price in the Palisades. She flipped a French-style manor for $25 million , or $2.75 million more than she paid for it last year.
Another big listing surfaced in the Lone Star State, where former Rockets star Tracy McGrady is asking $8 million for his 24,000-square-foot estate. The Texas-sized spot comes with a full-size indoor basketball court, movie theater, game room, barbershop, gym, elevator and custom pool with a water slide.
It continues to be a seller’s market at all ends of the spectrum, as July data found that Southern California’s median home price soared to an all-time high of $681,750 — barely edging out the previous record of $680,000 set in June.
One antidote for the housing shortage is currently being discussed in Sacramento, where a housing bill would allow up to four new units on a single property. While significant, the bill is a relatively conservative effort in a string of so-far unsuccessful attempts by California lawmakers to create more housing density.
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Crawling across 22 acres of oceanfront bluffs, the Carpinteria estate includes two custom homes that combine for 14,000 square feet. California’s most expensive residential property isn’t found in Los Angeles County or the Bay Area, but the low-key beach city of Carpinteria. In the small oceanfront community, a 22-acre spread known as the Sanctuary at Loon Point just surfaced for sale at $160 million.
According to the Multiple Listing Service, the titanic price tag makes it the most expensive property for sale in the state, beating out a $135-million retreat up for grabs in Woodside and a $115-million glass mansion listed in Malibu.
If it gets its price, it will rank as California’s second-highest home sale ever. The current crown belongs to Jeff Bezos, who paid $165 million for David Geffen’s famed Warner Estate in Beverly Hills last year.
The Carpinteria compound is owned by Bruce Kovner, an investor and hedge-fund manager who serves as chairman of the board of […]
