Retired hedge funder Bruce Kovner has sold the second piece of his California blufftop compound, “The Sanctuary of Loon Point,” for $65 million. The 22-acre estate, which boasts ocean views and a private gated community, was initially listed for $160 million in 2021. The sale comes after comedian Ellen DeGeneres purchased two adjacent parcels for $70 million and sold them for $96 million.
The new buyer has acquired a 10,902-square-foot Mediterranean-style main residence, along with several vacant lots totaling 12 acres. Built in 2018, the five-bedroom home is set amidst landscaped gardens with ocean views. The property was originally listed at $80 million but ultimately sold for $65 million.
Kovner, who spent 14 years and $50 million developing the land, has built a reputation as one of Santa Barbara’s most prominent real estate developers. With this sale, it marks the third most expensive transaction in the area, following DeGeneres’ previous purchase and sale.
The sale comes as no surprise, given Santa Barbara’s status as one of the US’s most expensive housing markets, where the median home price exceeds $2.5 million. The buyer has expressed interest in developing the two adjacent parcels, which could hold homes worth over $10 million each.
Source: https://www.mansionglobal.com/articles/ex-hedge-fund-manager-sells-coastal-california-estate-for-65-million-2c9faa8d