While celebrities have always been fond of living in Santa Barbara, the pandemic has set celebrity buying into overdrive! The widely publicized purchase of an Meghan & Harry’s Estate in Montecito for $14,650,000 in June 2020 set off a buying spree that is alive and well today, albeit with far fewer Estates to choose from. Inventory has become extremely tight. Most recently Adam Levine purchased a 5 acre Estate on Park Lane for $22,700,000. Adam sold his Beverly Hills Estate to long time Montecito residents, Ellen & Portia de Rossi for $42,500,000. Ellen & Portia remodeled and have just listed the Beverly Hills Estate at $54,000,000. Among Ellen & Portia’s many Montecito purchases was an antique barn they bought for $3,607,414 in January 2020, they remodeled and sold to Ariana Grande for $6,750,000 in May 2020. They also bought a 9 acre ocean view Estate for $27,000,000 in January 2019 and sold for $33,308,250. in November 2020. Prior to that they bought a beach house for $18,600,000 in 2017 remodeled and sold for $23,000,000. in 2019. In between that they bought an Equestrian Estate in 2017 for $7,195,000. remodeled and sold for $11,000,000. in 2018. October 2020 was a big month for celebrity purchases. Maria Sharapova bought an ocean view ranch on 5 acres for $8,550,000. Katy Perry & Orlando Bloom also bought a Montecito Estate for $14,200,000 in October. Dennis Miller sold his Montecito Estate to Ellen DeGeneres for $49,000,000 in October. Rob Lowe sold his Montecito Estate for $44,500,000. in October 2020 and purchased a Montecito Estate for $13,000,000. in December 2020 that will most likely be remodeled.
The Montecito real estate market is red hot!
Call or text Wendy Gragg at 805.453.3371 for your Montecito real estate needs