84-Acre Ortega Ridge Ranch in Montecito Up for Auction
http://www.noozhawk.com/noozhawk/article/103112_ortega_ridge_ranch_montecito_up_auction/
By Gina Potthoff, Noozhawk Staff Writer | @ginapotthoff
Interested buyers can view the agricultural estate, last listed at $19 million, by appointment on Sunday
A scenic Montecito ranch spanning 84 acres and boasting panoramic views of the mountains and coastline has been placed on the auction block.
The Ortega Ridge Ranch property, at 370 Ortega Ridge Road, will go to the highest bidder via a sealed bid auction ending Nov. 15.
Sheldon Good & Co., a New York-based real estate auctioneer, is handling the sale of the property that was once listed at $25 million.
The income-producing agricultural ranch estate, which sits atop a ridge line among the rolling hills and valleys of Santa Barbara, was last listed at $19 million, according to local listing agent Kelly Haeseker.
Interested buyers can view the residence by appointment only during a pre-auction open house Sunday.
Haeseker said the owner of the property, who wishes to remain unnamed, is selling the estate because his East Coast family must delay relocation another 12 years due to a career opportunity. The family, who visits the ranch, has owned the estate since 2008.
“He doesn’t have to sell. It’s not a distress sale or a foreclosure sale,” Haeseker told Noozhawk this week. “I think he just hopes whoever buys it now will love how it has been loved.”
She said the uniqueness of the property, which was originally part of a Spanish land grant parcel known as Ortega Rancho, is unparalleled by anything else on the market.
“There’s nothing like it,” Haeseker said.
The property features a tennis court, pool and spa, ranch office, guest suite with separate entrance, guest casita, helicopter landing site and an income-generating orchard, which produces world-class lemons and avocados.
The estate also includes more than 11 miles of roads that could be used for scenic horse rides to the beach or the local upscale grocery market.
Sheldon Good & Co. touts the estate as the last large coastal ranch remaining in the 93108 ZIP code.
Haeseker said that since the property is zoned AG-I-20 and sub-dividable, the acres provide flexibility for future development. That could include subdividing the property to accommodate multiple home sites, developing it into a single-family residence or building additional outbuildings to expand the orchard operations.
Olives, oranges and tangerines are also grown on the property for family use, she said.
Interested buyers can either purchase now for $19 million or bid at the auction, Haeseker said, adding that the owner will not accept bids below an undisclosed reserve.
“There’s been a tremendous amount of interest,” Haeseker said, noting multiple potential buyers but no official bids in yet. “People are already doing due diligence.”
Haeseker will be showing potential buyers around by appointment from 1 to 3 p.m. Sunday, and then again next Saturday and Sunday.
Bids are due by 5 p.m. Eastern time on Nov. 15, delivered to the offices of Sheldon Good & Co., 488 Madison Ave., Suite 201, New York, NY 10022. For information about the auction or to place a bid, call 800.480.0062 or click here.
The seller has five days to review the bid, Haeseker said, and the winner will be notified within five days.
Those interested in viewing the property can call Haeseker directly at 805.845.7778.
— Noozhawk staff writer Gina Potthoff can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.
http://www.noozhawk.com/noozhawk/article/103112_ortega_ridge_ranch_montecito_up_auction/