Retired hedge-fund manager Bruce Kovner grew his California retreat near Santa Barbara from 3½ acres to 22. Now he’s selling the sprawling property overlooking the Pacific Ocean for $160 million.
Retired hedge-fund manager Bruce Kovner spent 14 years developing, renovating and building a sprawling family compound on a bluff near Santa Barbara. “It started at 3½ acres and, with a great deal of fertilizer, it grew to 22,” he quipped. Now, he and his wife Suzie Kovner are looking to sell the California retreat for $160 million.
If it sells for its asking price, it would be one of the priciest deals ever transacted in California. The current record was set last year, when Amazon CEO Jeff Bezos purchased the Warner Estate from media mogul David GeffenMr. Kovner’s property, called “the Sanctuary at Loon Point,” includes two large homes, each with its own pool and cabana, on adjacent parcels. The first home is roughly 8,000 square feet with a separate guest cottage and was renovated by the Kovners.
Mr. Kovner said the latter house, which is their vacation home, was designed to optimize the property’s views of the ocean to the south and mountains to the north. All of the rooms have large windows or doors to the outside. A stone path connects the bluff, which has roughly 2,100 feet of linear coastline, to the public beach below.
In addition to the two homes, the property has three landscaped parcels where a new owner could build additional homes, according to marketing materials. One is nearly 6.6 acres and allows for construction of a 12,000-square-foot house, plus auxiliary structures; a second has roughly 6 acres and allows for a 12,000-square-foot home plus auxiliary structures. The third has roughly 3 acres and allows for an 8,000-square-foot house plus auxiliary structures.
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