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$160M Cliffhanger Above the Pacific Is California’s Most Expensive Home

$160M Cliffhanger Above the Pacific Is California’s Most Expensive Home

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By Lisa Johnson Mandell

A 22-acre family compound perched on a palisade above the Pacific Ocean is now on the market for $160 million. At that price, it’s the most expensive home for sale in California.

Known as “the Sanctuary at Loon Point,” the Central Coast estate is located in the quaint beach town of Carpinteria, about 7 miles south of Santa Barbara.

The Sanctuary has been carefully developed and curated over the past 14 years by Bruce Kovner, a retired hedge fund manager.

He told the Wall Street Journal that he started with a 3.5-acre parcel along the coast in 2017, and went about adding adjacent parcels one by one.

California’s most expensive home, in Carpinteria, CA(Realtor.com)

His efforts at accumulating rare coastal land have led to unparalleled results.

“To have an offering of this scale in one of the most prestigious coastal locations on the planet will never happen again,” says the listing agent, Eric Haskell. “The top properties on Padaro Lane rarely surface for sale, and to have an accumulation of land and estate homes like this is unheard of.”

The offering includes five individual parcels of land situated between the mountains and the sea.

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Two of the parcels feature elegant luxury mansions, each measuring over 6,000 square feet. Both of the stately homes come with their own pools and cabanas. Together, along with a guest cottage, they provide a whopping 10 bedrooms, 21 bathrooms, and 14,189 square feet of living space.

One of two luxury homes(Realtor.com)
The other mansion on the property(Realtor.com)
One pool(Realtor.com)
The other pool(Realtor.com)

But the bare land offers the potential for more—much more.

The compound includes three additional landscaped lots. One measures about 6.6 acres, with an allowance for a 12,000-square-foot home. Another slightly smaller parcel measures 6 acres and can also hold a dwelling of 12,000 square feet. The third parcel encompasses roughly 3 acres and can accommodate a 8,000-square-foot house.

Despite the grandeur of the current mansions, or the potential grandeur of yet-to-be-built mansions, it’s the setting that sets this property apart. It offers a remarkable 2,129 feet of coastline bluff, with nothing but cliffs and sand separating guests and residents from the sparkling Pacific Ocean.

House at the top of the palisades(Realtor.com)
Lounge area atop the bluffs(Realtor.com)

“There are two coastal access points—one is private access, down beautiful stone steps to the beach. The other can accommodate access for the overall development,” explains Haskell.

Those access points lead down to two man-made beaches.

The well-manicured property also boasts a natural stone trail known as the scenic Barranca Path, surrounded by boulders and native plants, a man-made pond, numerous hiking trails, and native wildlife galore.

Stone path leading to the beach(Realtor.com)
Lake(Realtor.com)
Barranca path(Realtor.com)

Loon Point has taken over the title of California’s most expensive home, set back in March by yet another multihome compound in Northern California. Still on the market for $135 million, the Woodside, CA, property consists of 74 acres and seven houses.

After spending so much time and effort to carefully assemble this prestigious property along the Central Coast, why are Kovner and his wife, Suzie, ready to part with it? They’re reportedly spending more and more time on the East Coast, where they have two homes in New York and one in Florida.

If $160 million is a bit rich for your blood, or the estate is a few acres more than you can handle, the Kovners may be willing to sell a portion of the property. A 10-acre parcel, which includes the property’s original home, could be purchased for $80 million.

“The ability to attain a coastal compound with stunning existing structures and room for growth in a location like this is worth every penny and more,” says Haskell.

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