More Mesa, 265 open acres of oceanfront views and public trails on the edge of Santa Barbara’s Hope Ranch, is back on the market.
The collection of grassy parcels is listed for $65 million. The seller raised the price to $65 million in November 2023 after it almost sold for $50 million that August but the deal fell through. It was taken off the market that December, but was relisted this Wednesday at the same price.
Recently, another buyer expressed interest in the property, but they could not close the deal, according to Taffy Bishara, a RE/MAX agent in West Covina who represents the property owners.
The owners, Khalid Saud AlShebaily, LLC, a Saudi Arabia–based real-estate group, bought the property in 2012 for an estimated $25 million.
Bishara said they were offering a discounted rate to the newest potential buyers, but he couldn’t say how much. Although the deal fell through, the owners are not itching to get it off their hands.
“They said, ‘Okay, if we don’t close it, we don’t close it,’” Bishara said. “They’re looking to maintain the property, so they are not in any hurry.”
According to the listing on Compass, the property was appraised to be worth $106 million in 2007. However, the county’s General Plan and the state Coastal Act restrict development to preserve coastal habitat and access. Only 40 acres of More Mesa (70 units) are buildable due to conservation efforts, while also requiring the owner to set aside a minimum of 20 percent of the land for public access.
The land has a long history of grand plans falling through. Dating back to the 1960s, developers have tried their hands at building mansions and resorts on the cliffside. But they all folded.
Conservationists, on the other hand, previously tried proposing public ownership of More Mesa. That didn’t pan out, either.
Valerie Olson, head of the More Mesa Preservation Coalition, has been keeping watch of the land for 35 years.
“Its been back on the market continuously for many years,” she said. “Its like it gets re-discovered periodically.”
She said the parcels have no power, water, or streets.
“I would suspect that a lot of these buyers are completely unaware of the restrictions to build on More Mesa,” she said.
But open land on the Santa Barbara bluffs looks like a gold mine to developers, said the coalition’s vice president Dan Gira, which explains why it’s changed hands multiple times without much to show for it.
“I think the current owner picked it up because who wouldn’t want 200 acres you can build a bunch of stuff on out there?” he mused. “But what you can actually do is pretty limited. It gives people pause.”
The rub is recent talks at the state level to reform the coastal act to balance housing, he added. He fears that the severity of the housing crisis could lead officials to permit more development along the coast.
“That’s an unknown but potential threat to More Mesa,” Gira said.
