Hyatt hotel heir Adam Pritzker buys Montecito estate

Adam Pritzker, whose grandfather co-founded the Hyatt hotel chain, becomes the latest boldface name to put down roots in Montecito.

Pritzker and his wife, Sophie, paid $15.8 million for a 4.5-acre estate in the Santa Barbara County enclave, according to Dirt.com.

The deal for the home on Picacho Lane closed in late January. There is 12,000 square feet of living space between the main house and two other structures, which were built in 2005 by investment banker Jeff Barbakow. In total, the homes have seven bedrooms and 13 bathrooms.

The compound includes a large koi pond, an oval swimming pool and a pool house, along with a tennis court. Adam Prizker is CEO of Assembled Brands. His grandfather was Jay Pritzker.

The couple’s new estate sits next to a four-acre property that comedian Dennis Miller sold to Ellen DeGeneres and Portia de Rossi last year for $49 million.

Miller’s estate is just one of several Montecito compounds to sell for big bucks — and most involving big names — over the last year. The market has picked up steam since the fall.

Actor Rob Lowe sold his 3.4-acre estate in October for $45.5 million, then two months later paid $12 million for another home there. Maroon Five frontman Adam Levine paid $22.7 million for a 5-acre estate earlier this year.

[Dirt] — Dennis Lynch