Hotelier Patrick Nesbitt plans a no-reserve auction for his sprawling Montecito estate, which had hit the market for $65 million.
The CEO of Windsor Capital Group has been shopping the property since 2016 and listed it publicly last year. Earlier this year, he cut $10 million off the asking price, according to the Los Angeles Times, which first reported on the auction.
The no-reserve auction means there is no minimum price for the massive property, which serves as a draw for potential buyers and a risk for sellers.
The 20-acre property — complete with a large Mediterranean-style mansion and polo-focused equestrian facilities — is set for auction from Nov. 16-19. Half of the property is dedicated to a polo field itself. There is also a 17-horse barn and a clubhouse with terraces for spectators.
The seven-bedroom main house and the other buildings across the property span 43,000 square feet. The main house has a home theater, ballroom, and a spa with a sauna and massage room. There’s also a rooftop hot tub and a 128-foot infinity pool.
Concierge Auctions, which is managing the sale, has faced accusations it hired people to bid up homes at auction. Between 2014 and 2019, the company was named as a defendant in 10 lawsuits related to alleged bid manipulation.
Earlier this year, Concierge was set to auction off Stuart Rubin’s Beverly Hills mansion and claimed to have completed the sale, but the results were voided. The home later relisted with Coldwell Banker’s Joyce Rey. [LAT] — Dennis Lynch