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Hold your horses! One of Southern California’s most luxurious estates is headed for the auction block with no reserve price, but that doesn’t mean a bidder will walk away with the place for pocket change.
This high-end spread near Montecito, CA, currently sits on the market for $65 million. An auction set to take place next month will determine the home’s true value—the no-reserve auction means that the home will sell, regardless of price.
Theoretically, the auction could bring out bargain hunters interested in scoring a grand mansion for pennies on the dollar.
But the auction process won’t exactly be a free-for-all: There is a significant barrier to entry. Potential owners will need to pony up $100,000 just for the privilege of bidding.
So what makes this estate so extraordinary?
For starters, it has its own world-renowned polo grounds. An owner can simply sit on the terrace and watch the action below.
In a nod to the fact that many of the world’s best polo players hail from Argentina, there’s also a special Argentinian asado grill, so fans and participants can dine in style while watching the horses cavort.
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The 20-acre estate also includes full equestrian facilities, with a 20-horse stable and a luxe polo clubhouse. They were prominently featured in Britney Spears’ 2009 “Radar” video.
The polo facilities are only one facet of this unparalleled estate.
Ursula and Patrick Nesbitt bought the property, located between the mountains and the beach, in 1994.They spent years designing and customizing the estate to their taste before moving in, in 2004.
Patrick is the founder, chairman, and CEO of Windsor Capital, the largest private owner and operator of Embassy Suites.
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The couple originally planned to build a typical two-story home, but were told that the finicky Coastal Commission would probably not approve their plans.
Instead, they opted to build in the style of perhaps the most prominent one-story home in the United States, Thomas Jefferson‘s Monticello, in Virginia, and used an updated Palladian design.
“It was the fulfillment of a lifelong dream,” says Patrick.
The sumptuous indoor living space, which measures 42,500 square feet and includes 11 bedrooms and 22 baths, is full of exquisite details, including intricately crafted ceilings, numerous crystal chandeliers, plush draperies, mahogany paneling, and vast expanses of marble.
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Among the more opulent exterior details are a butterfly habitat, a pond stocked with bass and catfish, an extensive putting green, a 128-foot-long swimming pool, gorgeous gardens, horse trails, and a private garden bath off the master suite. There’s even an Hermès-style helicopter hangar.
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Lavish amenities inside include a 5,000-bottle wine cellar with attached tasting room, a theater that can seat more than 20, a gym, two spas, a salon, a nightclub, and a “man cave” with a sports bar.
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So why do the Nesbitts want to part with such a uniquely lavish estate? “Downsizing” is their goal, according to sales reps.
The property in its current state has been on and off the market since 2019, at prices ranging from $55,000,000 to $65,000,000.
Since comps are hard to come by with an estate of this magnitude, the sellers believe that the auction will determine the estate’s true value.
“It’s the kind of property where you can lead many different lifestyles and never have to leave,” says Carolyn Wright, project sales manager for Concierge Auctions.
“You can hold many types of events here, or just enjoy it with your family.”
And of course, the equestrian possibilities are endless.
Bidding opens Nov. 16, and details can be found at Concierge Auctions.
The post Luxury SoCal Estate Listed for $65M Is Headed for Auction With No Reserve appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/unique-homes/luxury-socal-estate-65m-headed-for-auction-with-no-reserve/
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