The “Parks and Rec” star snapped up a spot in 90210 for $3.75 milliion in October. The Beverly Hills home hit the market in September for $3,695,000, and Lowe and his wife, Sheryl Berkoff, actually paid slightly over ask to get their dream home—or a dreamy investment property.
However, the Beverly Hills buy was just one of more to come. The couple reportedly also used their spending power to snag a smaller Montecito fixer-upper for $5.2 million, Variety spotted. The dated 1970s decor seems to suggest they may not move into that one anytime soon.
Spanning over 4,200 square feet, the newly purchased place in Montecito is located within walking distance to the downtown area, and offers three bedrooms, four bathrooms, and a lot of work. The level lot also features an L-shaped pool.
The couple may choose to tear down and start anew or tackle a massive renovation project. Whatever they choose, they’re likely to be tempted to keep it as a weekend retreat.
“For entertainers who are working in Los Angeles and Hollywood, Montecito might be too far for a daily commute and is more of a vacation home destination,” notes Shelton Wilder, CEO and luxury Realtor® of the Shelton Wilder Group, brokered by Compass.
Although the celebrity couple paid a little over the asking price with the Beverly Hills purchase, they can probably expect a sweet return.
Wilder told us, “Lowe’s recent Beverly Hills purchase is a great investment. The market is on fire, and his investment should increase in value.”
Oakview Estate in Montecito
Back in 2006, the couple picked up a vacant 3.4-acre Montecito plot for $8.5 million. They proceeded to build a compound with an East Coast vibe that they dubbed Oakview Estate.
Once completed, the two-story layout featured a 10,000-square-foot main house, with a total of six bedrooms and 11 bathrooms.
The estate also features a two-bedroom guesthouse, a tennis court, pool, and a poolhouse with a bedroom and kitchen. Other luxe perks include a wine room, home theater, home gym, koi pond, and waterfall.
Two years ago, the empty nesters decided to move on from the oversized space and placed the home on the market for a whopping $47 million. Although the deal closed slightly below their initial ask, they still strolled away with a sizable return.
New home in Beverly Hills
While this spot is without a doubt a luxury purchase, it won’t require as much maintenance as their enormous estate. Recently renovated, the couple can easily land here and then jet to parts unknown, as acting jobs or family visits necessitate.
Offering 3,000 square feet, five bedrooms, and three bathrooms, the “exquisitely renovated” open floor plan features vaulted and beamed ceilings.
Custom steel doors open to a large covered entertainment patio and extend the living space outside. Judging from their Montecito estate, the couple enjoy indoor-outdoor entertaining.
An open kitchen includes Viking appliances and looks out to the living area, with walls of glass and a fireplace. A lower-level family room and media area comes with a wine room and a wet bar. The layout also includes an office with room for two desks—an ideal work or study space.
The couple can relax in the master suite, which includes a private balcony, spalike bath, and spacious walk-in closet.
The outdoor space, meanwhile, includes a picturesque pool, built-in fire pit, and “meticulous” landscaping.
Other perks include wide-plank oak floors, a built-in Sonos sound system, smart-home technology, and an alkaline water filtration system throughout.
The serene spot is a private retreat, but it’s only minutes from the Beverly Hills Hotel and Sunset Boulevard.
Lowe, known for starring roles in “Parks and Recreation” and more recently “9-1-1: Lone Star,” has joined the celebrity podcast trend with his own, called, “Literally! With Rob Lowe.”
James Harris with The Agency represented the seller. Michael Jacobs with Sotheby’s International Realty-Sunset Strip Brokerage represented the buyer.