Rob Lowe just can’t quit Montecito. The “Parks and Recreation” star cashed in on the buying frenzy for homes in the the California coastal community, when he reportedly sold his massive Oakview estate for a whopping $44.5 million last October.
Back in 2006, Lowe and his wife, Sheryl Berkoff, built a custom,10,000-square-foot family compound on a 3-acre site in the seaside enclave near Santa Barbara. They had purchased it for a fraction of what they sold it for, and they lived in the East Coast-style estate for years, until they placed it on the market in 2018.
It turns out that the couple weren’t done with the area, not even close. They have embarked on a head-spinning number of reported real estate deals. Let’s take a tour.
Last year, they first jumped on a relatively modest and modern $3.7 million mansion in Beverly Hills. But it turns out they had also set their sights on more homes in Montecito. Three more, to be exact.
The couple are part of a high-profile group of celebrities who have decamped to the area, from longtime homeowners like Oprah Winfrey and Ellen Degeneres and Portia de Rossi, to more recent residents who have jumped on the housing trend, including Katy Perry (who grew up in the area) and Orlando Bloom, as well as Adam Levine and Behati Prinsloo. And of course, Prince Harry and Meghan Markle have made Montecito their regal home base as well.
$5.2 million fixer-upper
When Lowe first placed his family estate on the market in 2018, he noted its large size and suggested that as empty nesters, he and his wife were ready to downsize. That did appear to be the rationale for their next move, when they reportedly snapped up a three-bedroom cottage in Montecito on about an acre in October 2020.
Listed for $4.95 million, the home sold when the couple came in with a $5.2 million offer.
Filled with dated 1970s decor, the gated property with a pool was described as “all about location, privacy, and views” in the listing, which added that the home was “ready for renovation.” Its location is conveniently close to downtown. David Kent of Sotheby’s International Realty held the listing.
$13 million tear-down
Then, at the end of last year, the “West Wing” star expanded, with an additional, pricier purchase. For $13 million, Lowe and his wife picked up a 6.7-acre property not far from their former estate, within walking distance to Harry and Meghan’s house.
It had come on the market in August for $14.5 million, so the couple were able to secure a discount in December. The home purchase sparked rumors that the Duke and Duchess of Sussex may have held their tell-all interview with Oprah at this property. As far as we can tell, that’s not the case.
Rather than hold on to the legacy estate, Lowe appears to have razed the 5,800-square-foot main house, according to recent photos. He is likely to have plans to build a brand-new custom home on the site.
Known as “Stonehedge,” the level property boasts ocean and mountain views. Built in 1925, it also includes two more cottages, for a possible multigenerational setup.
The spread warrants a “thoughtful design-build team to artfully balance the history of this classic home with the contemporary expression of fine Montecito living,” the listing states.
Timothy Walsh with Village Properties represented the seller, and the buyers were represented by Nancy Kogevinas with Berkshire Hathaway.
These two projects would certainly keep anyone busy.
So when not in L.A., will this real estate wheeling-and-dealing couple camp out on the coast? Not exactly—the couple quietly grabbed a multilevel beach house that sold for around $29 million, according to the Post.
If the reports are accurate, they ended up pouring the earnings from their $44.5 million deal right back into even more local transactions, all of it adding up to something like $47.2 million in home purchases.
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