California horse ranch once asking $109m sells at auction for $22.55m
Rancho Cariñoso was sold at auction for $22.55 million after previously being listed for $109 million. This estate features 4.2 acres of land and nearly an acre of private beachfront. The property includes a main house, equestrian facilities, and is near the Santa Barbara Polo Club. The auction indicated a significant discrepancy between initial valuation and buyer willingness to pay.
Rancho Cariñoso, a 4.2-acre property on Padaro Lane between Carpinteria and Santa Barbara, has sold at auction for $22.55 million, a dramatic drop from its original asking price of $109 million. The property, once marketed for its virtually private beach and equestrian facilities, includes a working horse ranch, citrus and avocado groves, and trails leading to the Loon Point surf break.
The main residence, built in 2014, is a 2,500-square-foot home with three bedrooms, and the property is zoned for up to nine horses. Owned by Arthur A. Cameron III, an oil heir and polo enthusiast, the ranch was originally purchased by his father for $1 million in 1978. The sale price represents a fraction of the property's original value, illustrating the challenges of selling such a specialized coastal estate on the market.
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