Montecito estate’s $74M listing eyes record
20K sf mansion and property underwent 15-year restoration, expansion
Far Afield is listing for an out-of-reach amount.
A sprawling century-old estate in Montecito with a unique name hit the market for $74 million following a 15-year restoration and expansion.
Owners Peter and Stephanie Sperling listed the 10.5-acre property, according to the Wall Street Journal.
A sale near that price could set a record for the Santa Barbara area — the ask is $10 million more than the $63.3 million sale of Rancho San Carlos last year.
Separately, a 28-acre estate called Mara Vista — at 2535 Sycamore Canyon Road — hit the market in April for $72.5 million, according to Redfin.
Montecito has seen several high-priced deals this year and a number of celebrity buys.
Far Afield is centered on a 20,000-square-foot mansion built in the early 20th century for Hobart Chatfield-Taylor and Rose Farwell.
The Sperlings bought the property in 2002. They lifted the home off its foundation, replaced all its utility systems and added a new basement level with a tunnel entrance for staff.
They refinished the interiors with reclaimed materials dating to the 18th and 19th centuries, including Italian and Spanish tiles, furniture and parquet floors cut from French oak.
The grounds include gardens, citrus groves, hiking paths, a chicken coop, and a peacock aviary.
The Sperlings have sold two other homes in Montecito in the last year for a total of $35 million.
Peter Sperling is the son of for-profit education mogul John Sperling, who founded the University of Phoenix.
[WSJ] — Dennis Lynch