New Montecito Beachfront Failed Escrow: 1787 Fernald Point Lane
Listed with Coldwell Banker, 1787 Fernald Point Lane has fallen out of escrow.
Built in 1934 and known as “Villa Pelican,” 1787 Fernald Point Lane is a private Montecito beachfront estate on .6+/- acres offering a 6400 sq.ft. 7 bedroom/9 bath Monterey Colonial with spacious public rooms, detached 1 bedroom guest house, 3-car garage, gated beach with fully equipped cabana, 115′ of beach frontage, gardens and dramatic ocean, island and mountain views.
History of the Listing
Beginning in June 2006 at an original asking price of $28,500,000, the owners of 1787 Fernald Point Lane attempted to sell it for many years before finally declaring bankruptcy. Listed this time in mid April 2013 at an original asking price of $11,195,000, the price was first reduced in mid-July to $10,300,000 and at the end of July reduced to $9,900,000. The property went into escrow in mid-August, but the buyer cancelled the contract in mid-September.