Real Estate

3,200-Acre Santa Barbara Property Lists For $75M

(Beverly Hills Estates)

A 3,200-acre expanse in the hills of Santa Barbara County is hitting the market for $75 million.

The property comes shovel-ready with plans for an 8,000-square-foot mansion designed by prolific Southern California architect Paul McLean, according to the Wall Street Journal. It also has permits for guest houses.

It’s the second property of its kind to list in the area this week. The first was the 3,600-acre Black Mountain Ranch in nearby Ojai, home to a 13,000-square-foot, lodge-style home and several other structures.

The new listing is by a company led by MDO Capital President Mark Osgood, which bought the massive tract for just over $11.5 million in 2019 with plans to build 16 spec homes.

Osgood said he changed his mind after receiving unsolicited inquiries to purchase the property, though he deemed them not high enough.

Listing agents Rayni and Branden Williams with Beverly Hills Estates said that Osgood’s company invested tens of millions of dollars to entitle the property and grade it for construction.

The site for the entitled mansion sits on a hill at the end of a winding drive. It’s currently home to an Airstream-style camper and a fire pit. There are other trailers on the property, as well as a yoga center.

In early 2019, businessman Mansour Ojjeh listed an equally large ranch between Santa Barbara and Point Concepcion for $110 million, but has yet to find a buyer.

[WSJ] — Dennis Lynch 


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