A three-bedroom, four-bath house with a gravel driveway in Carpinteria is selling for $109 million. The kicker: the beachfront home has a horse trail leading down to a private beach.
The roughly 2,500-square-foot house on 2937 Padaro Lane sits next to an oceanfront estate owned by actor Keven Costner, the Wall Street Journal reported.
The equestrian property of 4.2 acres known as Rancho Cariñoso sits seven miles south of Santa Barbara and was bumped up from a January listing of $100 million.
It is billed as “the last large beach estate on the Southern California coast” and is located on Loon Point, a famous surf break not far from Summerland.
It’s being sold by Arthur Cameron III, whose grandparents were Texas oil mogul Arthur Cameron and Kay Aldridge, a model and actress known for appearing in serial films in the 1940s.
The 40-year-old investor and avid polo player inherited the property that had been in the family for decades. He built the modest ranch house in 2014, and used it as a beach retreat and riding getaway for his horses.
They love a “good beach ride and an ocean dip,” Cameron told the Wall Street Journal in an email. He owns a roughly 377-acre ranch north of Santa Barbara, and said he thinks it is time to sell the home in Carpinteria and move on to the “next adventure.”
The modern home with horizontal wood accents has a living room sheathed in glass, wood-beamed ceilings, a wood-paneled kitchen, and hardwood floors.
A horse trail leads to the property’s private beach, as well as several outbuildings, including a workshop and a detached garage. The property, dotted with cypress trees, and the land is zoned for a nine-stall stable and has room for a swimming pool and additional structures.
It’s being listed by Sean Matthews of Compass, who is co-listing the property with Eric Haskell of the Agency.
It’s in a part of Carpinteria filled with legacy estates that rarely come on the market, Haskell said. By selling now, he said Cameron can capitalize on a high demand for large, oceanfront properties.
“We’re at a peak of buyer interest, especially high-end buyer interest,” Haskell said. “So if you’re ever going to let go of a legacy property, the timing is right.”
Next door is a 10.25-acre property owned by Costner, who listed it for $60 million in 2017, but didn’t sell it. Next to Costner live retired hedge-fund manager Bruce Kovner and his wife Suzie, who own a 22-acre estate they listed in August for $160 million.
Last year, there were 54 residential sales above $10 million in the Santa Barbara and Montecito area, a 157.14 percent jump from 2020, according to data from Compass.
[Wall Street Journal] – Dana Bartholomew