Introduction to Monte Arroyo Estate
A mansion in Montecito, a go-to coastal escape for A-list celebrities and even Prince Harry and Meghan Markle, just sold for nearly triple its sale price just three years ago.
The sale of the estate at 465 Hot Springs Road, dubbed Monte Arroyo, closed last week for $32 million, Mansion Global reported. The Mediterranean-style estate was listed last June for $52 million; when a buyer, who remains undisclosed, was found in May, the asking price was at $37.5 million.
Background and Renovation
Developer and celebrity home designer Xorin Balbes, once dubbed the “queen of the high-end house-flip,” bought the nearly 4-acre property in fall 2022 for $11.5 million. Balbes then embarked on a year-and-a-half-long renovation and restoration on the 1910-built home, work that reportedly cost tens of millions of dollars.
While it would have been cheaper to demolish the entire existing structure and start from scratch, Balbes prioritized the architectural and historic character of the home. Many original features were left untouched, and Balbes opted to demolish several additions made to the estate in the 1970s and ’80s in order to achieve a streamlined style throughout the property.
Property Features
The main home spans 15,355 square feet across seven bathrooms, seven full bathrooms and three half-bathrooms. A separate, restored guest house has one bedroom and one bathroom. During his time as owner, Balbes added a pool and a one-bedroom, two-bathroom pool house to the property.
Elsewhere outside, the property features a boulder-lined pond next to a gravel driveway and lush gardens. Balbes added nearly 70,000 plants to the property as part of its revamp.
The buyer won’t have to go far to stay active or entertained. The home features a “wellness pavilion,” a pickleball court and a theater with a full bar inside.
Related News
After court battle, Katy Perry takes control of $15M Montecito estate
Ellen DeGeneres and Portia de Rossi list Montecito estate for $47M
Ellen DeGeneres flips Montecito estate for $36M
Conclusion
The sale of the Monte Arroyo Estate for $32 million marks a significant profit for Xorin Balbes, who purchased the property for $11.5 million just three years ago. The renovation and restoration of the estate have maintained its historic character while adding modern amenities, making it an attractive purchase for the undisclosed buyer.
FAQs
Q: How much did the Monte Arroyo Estate sell for?
A: The Monte Arroyo Estate sold for $32 million.
Q: Who purchased the Monte Arroyo Estate?
A: The buyer remains undisclosed.
Q: How much did Xorin Balbes purchase the property for?
A: Xorin Balbes purchased the property for $11.5 million in fall 2022.
Q: What features does the property have?
A: The property features a main home with 15,355 square feet, a separate guest house, a pool, a pool house, a boulder-lined pond, lush gardens, a “wellness pavilion,” a pickleball court, and a theater with a full bar.
