Back in August 2021, a home was listed in Carpenteria, California (just south of Santa Barbara) that was so amazing we struggled to put it into words. As we put it at the time, "It's not a home. That's a bad description. Estate? Palace? Mansion? Compound? It's all those words rolled into one. It's an Estalacionpound."
The property, was pieced together by a hedge fund billionaire named Bruce Kovner and his wife Suzie. Bruce and Suzie acquired the first parcel of what eventually became a 22-acre oceanfront Estalacionpound back in 2007. In total they spent $100 million buying the properties which they named "Sanctuary at Loon Point." One of the sellers along the way was Kevin Costner. Over the next decade+, Bruce and Suzie spent another $50 million developing the land and renovating the existing structures, both of which are mansions that each span more than 9,000 square feet.
Here is a photo of Sanctuary at Loon Point from when it came to market in August 2021:
Via The MLS/The Agency/Erick Haskell
When Bruce and Suzie Kovner listed the full 22-acre Sanctuary at Loon Point back in August 2021, they had a modest number in mind. A mere…
$160 million
Now, as you read the next few lines, please keep in mind that the Kovner's original $160 million asking price would have acquired everything you see in the photo above. As in, the two mansions in the center/center left, AND the undeveloped 6.6 garden property to the right.
As it was just revealed (to us by Dirt.com, to them by Siteline Santa Barbara), Ellen DeGeneres and wife Portia de Rossi are officially the new owners of the mansion in the center AND the undeveloped 6.6 garden property. Their purchase price? A mere…
$70 million
Per the editors at Dirt, $70 million sets a net real estate sales record for the Santa Barbara area.
Ellen and Portia's purchase comprises 10 of Loon Point's original 22 acres. Their mansion is a bit over 9,000 square feet with 5 beds and 8 baths. The 6.6 acre undeveloped property features an enormous lawn and a lake.
Below is a video tour of the full Sanctuary at Loon Point when was first listed:
Ellen and Portia are no strangers to the Carpenteria area. They have previously bought and flipped several homes in nearby Montecito. They typically hold the home for about a year, perform a major renovation, then flip it for a $5-10 million profit. For example, in February of this year they paid $21 million for a home in Montecito called "Villa Tragara." They sold this home to music producer just EIGHT months later for $36 million. A $15 million profit.
Unclear if they intend to attempt to flip their Loon Point purchase. To me this looks a lot more like a forever home. Excuse me. A forever Estalacionpound.
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