According to Mansion Global, a large estate located along California’s Pacific Coast Highway has finally sold for $17.22 million after sitting on the market for nearly 15 years.
The sale was first announced in a press release from its listing brokerage.
Located outside of the picturesque town of Cambria in San Luis Obispo County, the 78.5-acre property boasts an array of amenities — including a helipad, vineyards, stables and even a show garage for luxury cars.
After being listed for $60 million, the property was recently asking $28 million before going into contract.
The deal officially closed last week, marking the most expensive residential sale in Cambria history, according to Neyshia Go of Sotheby’s International Realty, who represented the seller.
“This property has so many unique features that there are so many options for how you can use it [it]”, Go told Mansion Global.
The centerpiece of the estate is a large, Venetian-style mansion that spans 12,000 square feet.
Visitors are greeted by a dramatic rotunda with a fountain, leading to a home that includes six bedrooms and 14-foot ceilings.
Other structures dot the property, including several guest apartments, a caretaker’s cottage and a 12,700-square-foot pavilion originally designed to house a helicopter. The pavilion has been reimagined as an event space, complete with a prep room and an upstairs lounge offering breathtaking ocean views.
For those who love to entertain, a separate 4,200 square foot facility includes a full bar and a half bath.
According to Go, the seller, real estate developer Khosro Khaloghli, used the building as a display garage for his car collection, which included a Bentley once owned by Winston Churchill.
The estate’s grounds are as impressive as its structures. Six hectares of vineyards are planted with 6,200 Pinot Noir grape vines, while 3 hectares of olive trees produce another gift. For horse enthusiasts, there are stables for six horses, two fenced pastures and bridle paths leading to the ocean.
Other outdoor highlights include walking trails, meadows, a music stage and a sculpture garden. A helipad provides easy access for those unwilling to endure the several-hour drive from Los Angeles or the Bay Area.
Khaloghli, CEO of KB Investment Development, first fell in love with the area as a child and bought the land in the 1990s. He poured millions into creating the estate’s infrastructure, vineyards and elaborate structures.
“He came here as a child and fell in love with the area,” Go told the media. “He knew he wanted to build here.”
Despite his efforts, Khaloghli never lived in the main house of the palace, but decided to stay in one of the guest houses.
“After all the years of building it, he never got emotionally attached to living in the main house,” Go explained.
The property’s road to finding a buyer was anything but smooth. First listed in 2010 for $58 million, the property cycled through multiple price cuts and auctions, including a 2019 no-reserve event that failed to attract a buyer.
By 2021, she was looking at $40 million, but was still struggling to sell. Go attributes the challenges to two factors: the lack of comparable properties in the area and the significant maintenance required for such a sprawling estate.
However, the unique lifestyle it offers finally found its match.
“It was sold to a buyer who plans to use it as a generating complex,” Go said. “They bought the property on the basis of making it something the family could enjoy forever.”
David Crabtree of Home & Ranch Sotheby’s International Realty represented the buyer, whose identity has not been released.
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Image Source : nypost.com