Luxury Estate in California’s Pacific Coast Highway Sells for $17.22 Million
Background
A 78.5-acre estate located outside the picturesque town of Cambria in San Luis Obispo County, California, has finally sold for $17.22 million after being on the market for nearly 15 years. The estate was initially listed for as much as $60 million and was most recently asking $28 million before going into contract.
Property Features
The estate boasts a range of impressive features, including:
- A 12,000-square-foot main home with six bedrooms and 14-foot ceilings
- A 12,700-square-foot event pavilion with a prep room and an upstairs lounge offering breathtaking ocean views
- Six acres of vineyards with 6,200 Pinot Noir grape vines
- 3 acres of olive trees producing a bounty
- Stables for six horses, two fenced pastures, and bridle paths leading to the ocean
- A helipad for easy access
- A 4,200-square-foot structure with a full bar and half-bathroom, originally designed as a show garage for luxury cars
History of the Estate
The estate was built by real estate developer Khosro Khaloghli, who never lived in the main home. Khaloghli purchased the land in the 1990s and spent millions building the estate’s infrastructure, vineyards, and elaborate structures.
Challenges in Selling the Estate
The estate faced challenges in selling, including:
- High upkeep required for the expansive property
- Limited comparable properties in the area
- Multiple price reductions and failed auctions, including a 2019 no-reserve event
Recent Sale
The estate was sold to an unknown buyer who plans to use it as a family compound. The buyer was represented by David Crabtree of Home & Ranch Sotheby’s International Realty.
Conclusion
After nearly 15 years on the market, the estate has finally found a buyer who will use it as a generational compound. The unique lifestyle it offers has finally found its match, and the estate’s road to finding a buyer is a testament to the challenges of selling a property of this magnitude.
Frequently Asked Questions
Q: What is the price of the estate?
A: The estate sold for $17.22 million.
Q: How long was the estate on the market?
A: The estate was on the market for nearly 15 years.
Q: What are some of the estate’s features?
A: The estate features a 12,000-square-foot main home, a 12,700-square-foot event pavilion, six acres of vineyards, stables for six horses, and a helipad.
Q: Who was the real estate developer who built the estate?
A: Khosro Khaloghli was the real estate developer who built the estate.
