The historic El Fureidis estate in Montecito recently returned to the market with a $17.1 million price reduction, a 49 percent reduction from its 2014 offering price of $35 million.
Represented by Riskin Partners and Emily Kellenberger of Village Properties Realtors, Santa Barbara’s exclusive affiliate of Christie’s International Real Estate, the famed estate is one of the area’s most notable properties.
El Fureidis — “tropical paradise” — was designed by renowned architect Bertram Goodhue and built in 1906 for James Waldron Gillespie. Goodhue’s works include the Los Angeles Central Library, Saint Thomas Church in New York City, the Nebraska Capitol, and the chapel and original campus of the U.S. Military Academy at West Point.
The estate encompasses more than 10 acres with multiple reflecting pools, Persian gardens and a 9,816-square-foot Roman villa that recently underwent a multimillion-dollar renovation. The residence boasts an expensive rooftop terrace that overlooks the elaborate gardens and ocean and island views.
Throughout its history, El Fureidis has hosted many memorable tenants and visitors, including Thomas Mann, Albert Einstein, Winston Churchill, Charles Chaplin and John F. Kennedy. It is perhaps best known in recent years as a location for the 1983 film Scarface, and the wedding scene of Michele Pfeiffer and Al Pacino.
Why the significant price reduction?
“This is a one-of-a-kind trophy property. The competitive list price represents an exceptional value,” listing agent Dina Landi said. “The owner is ready to sell and is looking for an offer.”
— Sara Thandi is the marketing director for Riskin Partners.