According to the reports, this transaction occurred less than two years after DeGeneres and her wife, Portia de Rossi, acquired the property for about $70 million, highlighting their expertise in the competitive luxury real estate market.
The transaction involved an entity tied to Robert Friedland, founder and chairman of Ivanhoe Capital. Interestingly, DeGeneres and de Rossi recently engaged in another transaction with Friedland, purchasing back a Santa Barbara property they had sold to him earlier in the year for the same price of $32 million.
Property details
The property, located in the coastal town of Carpinteria, a sought-after area near Santa Barbara and Montecito, has attracted several high-profile residents over the years, including filmmaker George Lucas and actor Kevin Costner. DeGeneres and de Rossi’s estate, which consists of two parcels covering about 10 acres, features a roughly 8,000-square-foot main house with exposed wood beams, a cabana, and a guest cottage. They acquired the home from retired hedge-fund manager Bruce Kovner in 2022. Kovner, the founder of Caxton Associates, had originally assembled a 22-acre compound, which reportedly he listed for $160 million in 2021. Reports also suggest that despite selling part of the property to DeGeneres, Kovner still retains ownership of approximately 12 acres, including another 8,000-square-foot house, which is currently listed for $75 million.
The Carpinteria estate’s location on Padaro Lane, one of the most prestigious streets in the area, adds to its allure. Real estate agent Sean Matthews of Compass, though not involved in this particular deal, noted the area’s appeal, referencing a nearby ranch property he listed for $109 million a few years ago.
More than just Carpinteria estate
In addition to the Carpinteria estate, DeGeneres and de Rossi have continued to expand their real estate portfolio. According to reports, they recently purchased a vacant 3-acre property adjacent to their Santa Barbara estate for $6 million, further solidifying their presence in the area.
The real estate market in Santa Barbara, Montecito, and Carpinteria has seen a notable increase in both prices and sales volume during the first half of 2024. According to Village Properties, a local real estate brokerage, single-family home sales in South Santa Barbara County rose by 19% year-over-year, with the median sale price reaching $2.265 million, an 8% increase from the previous year. These trends underscore the high demand and escalating value of properties in these affluent areas, where DeGeneres and de Rossi continue to be prominent players.
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