New Santa Barbara Oceanfront Escrow Closing: 101 Mesa Lane
A 5/7 Tenant in Common partial interest in 101 Mesa Lane, with exclusive rights to use 4 of the 5 existing cottages on the property, has closed escrow for $10,375,000.
101 Mesa Lane is a unique compound of 5 ocean view cottages on 2.52 acres with appx. 213′ of ocean frontage. Steeped in local history and lore, this magical estate was previously owned by Mike Love of the iconic Beach Boys. Beach access by way of the Mesa Steps is very close to this gated property.
For decades, there were 4 separate owners of the entire parcel, each with partial Tenant in Common interests and each owner enjoying exclusive use of different cottages on the property. Then 3 of the 4 owners wanted to sell, while the 4th owner did not, so partial interests as well as the entire property were put on the market as separate offerings. As it turned out, this 4th owner succeeded in staying, as a single new buyer came along and bought out the 3 owners who wanted to sell.
History of the Listing
101 Mesa Lane came on the market in November 2019 asking $14,950,000. Its price was reduced over time to a final asking price of $10,955,000. The 3 partial interests (amounting to a 5/7 interest) went into escrow in May 2021 and closed in June for $10,375,000.
Previous Sales in the 2000’s
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