Siteline | The Biggest Real Estate Deal in Montecito History Just Happened

If you were stunned by the $44.5 million that Rob and Sheryl Lowe got for 700 Picacho Lane, then sit down. Two even larger Montecito deals just happened.

First, someone paid $49 million for three parcels—588 Picacho, 592 Picacho, and 596 Picacho. (It looks like four lots on Google Maps, but two were previously merged.) The three houses, each built in 2012, total over 16,000 square feet, on a total of 4.2 acres.

Second, Rancho San Carlos, the historic 237-acre property at 2500 East Valley Road, traded for $63.25 million. From what I gather, it’s the most anyone has ever paid for a Montecito property. Designed by Reginald Johnson in 1931, Rancho San Carlos was in the same family for nearly 100 years. It first came on the market in 2014 for $125 million, subsequently reduced to $85 million and then $75 million. As you can see in these photos, it’s one-of-a-kind and totally spectacular. UPDATE: Noozhawk says “the buyer is Riley P. Bechtel, a billionaire businessman who is the retired chairman of Bechtel, the giant international construction company that was founded more than 100 years ago by his forebears, but that could not be confirmed.”

These deals take what has already been a record-breaking year to the next level. Recent sales also include 256 Eucalyptus Hill Drive for $30.8 million, 1590 E. Mountain (first for $27 million and then for $29 million), 3333 Padaro Lane for $27.5 million, and 1210 Channel Drive for $17.45 million.

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