Ortega Ridge Ranch To Be Sold At Auction
The Ortega Ridge Ranch – the last large coastal ranch available in Montecito, California – will be sold by Sheldon Good & Company Luxury Residences, a Racebrook Portfolio Company and America’s leading real estate auctioneer. At approximately 84 acres, this income producing agricultural ranch estate rests atop a ridgeline amongst the coastal rolling hills and pristine valleys of Santa Barbara, California, providing views of the Pacific Ocean, Channel Islands and Santa Ynez Mountain Range. The Ortega Ridge Ranch was previously priced at $25,000,000 and will now be sold via sealed bid auction whereby a buyer will be able to name their price for this exceptional estate. The deadline for bids is November 15, 2012.
A one-of-a-kind property that cannot be duplicated, the estate was originally part of a Spanish land grant parcel known as Ortega Rancho and is one of Montecito’s most sought after private land assemblages. Located at 370 Ortega Ridge Road, it is the last large coastal ranch remaining in the 93108 zip code and simultaneously offers simple perfection and fine luxury. A winding, tree-lined drive brings into full view a sophisticated, quietly elegant villa that is the perfect blend of casual, coastal living and clean, contemporary interiors done by Kelly Kay Design. The property features a tennis court with mountain and ocean views, 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 orchard’s inclusion in the Williamson Act/Agricultural Preserve results in significantly lower taxes for the property. Also included in the property are over 11 miles of roads that could be used for scenic horse rides to the beach or the local upscale market for groceries.
The Ortega Ridge Ranch presents a truly unique opportunity for a savvy buyer to leverage all its assets to maximize the estate’s potential. Zoned AG-I-20 and sub-dividable, there is flexibility for a variety of potential future development options including: subdividing the property to accommodate multiple home sites; developing it into a stunning single-family residence; building additional outbuildings to expand the orchard operations; expanding to include an equestrian facility or a range of other options.
The property is just a short drive or walk to dining, shopping, golfing, beach and ocean activities in Montecito and Santa Barbara. Montecito, home to some of the country’s most spectacular and expensive real estate, is located on the Pacific Ocean just a short hour-and-a-half drive from Los Angeles. Private homes throughout Montecito are owned by well-known celebrities, leaders of business and international prestige, including Oprah Winfrey, Google’s Eric Schmidt, Al Gore, Ty Warner, Kevin Costner, Berkshire Hathaway’s Charlie Munger, Steve Martin and others.
“The opportunity to purchase this stunning 84 acre, income producing agricultural property is a truly compelling prospect for a local or international buyer and quite possibly represents one of the most exciting offerings available in the real estate market today,” said John Cuticelli, CEO of Sheldon Good & Company. “The seemingly endless development opportunities only add to the property’s appeal, whether from an investor or end user’s perspective.
Interested buyers can view the residence by appointment only during pre-auction Open Houses from 1 pm to 3 pm on November 10 and 11. Bids are due on November 15, 2012 by 5:00 pm EST, delivered to the offices of Sheldon Good & Company, 488 Madison Avenue, Suite 201, New York, NY 10022. For information about the auction and to place a bid please call 800-480-0062 or visit Montecito.SheldonGood.com.
ABOUT SHELDON GOOD & COMPANY
Sheldon Good & Company is a Racebrook Portfolio Company and the nation’s leading provider of strategic momentum-building marketing and structured accelerated sales solutions. The firm has a 45-year track record of proven results, including selling billions of dollars worth of property in every real estate asset class, and having the highest closing ratio in the industry.
Racebrook, Sheldon Good & Company’s parent, is a private investment firm founded in 2004 (originally a portfolio company of Warburg Pincus, one of the oldest private equity firms in the world), focusing on opportunity and disintermediation in the real estate and capital markets. Racebrook’s principals have executed in excess of $23 billion in commercial real estate transactions and advisory assignments by creating value through its acquisition and disposition process, resolution of property status, efficient management, aggressive asset repositioning and the expeditious implementation of asset specific business plans.
Racebook is adept at development, redevelopment, targeted improvements, leasing, marketing and sales, in addition to being an experienced advisor and investor in opportunistic assets, distressed markets, non-performing loans and CMBS. Having both Main Street and Wall Street experience, the company has invested in every real estate asset class across a wide range of geographic markets. The company’s portfolio of integrated companies include: Racebrook Capital, Racebrook Restructuring Services, Racebrook Financial, NoteSale.com, Racebrook Marketing Concepts and its auction affiliate Sheldon Good & Company, a pioneer of efficient real estate auction programs since 1973.
The firm’s headquarters are based in New York City, with primary offices in Chicago, Denver, Los Angeles, San Francisco, Miami, Puerto Rico, Jamaica and other strategic locations. Please visit racebrook.com or sheldongood.com for more information.