New Montecito Beach Listing: 1104 Channel Drive
Co-listed by Berkshire Hathaway Luxury Properties and Sotheby’s International Realty, 1104 Channel Drive has come on the market asking $37,500,000.
Built in 2008, 1104 Channel Drive offers a 6,497 sq. ft. Contemporary 4 bedroom/5.5 bath home, a large pool and spa, 746 sq.ft. pool cabana with fireplace, wet bar and full bath, together with a separate 640 sq.ft. gym with half bath and built-in refrigerator. The 1.13 acre property across the road from Butterfly Beach offers ocean, island and coastline views, is surrounded by a tall stucco wall with a gated pedestrian entrance and includes and a three-car garage.
For further information, please click here.
History of the Listing
1104 Channel Drive came on the market in March 2016 asking $37,500,000.
Previous Sales in the 2000’s
1104 Channel Drive was purchased in February 2007 for $25,000,000 while still under construction and not subject to its completion by the seller.
The history of 1104 Channel Drive during the 2000’s is as follows: 1104 Channel Drive and the adjacent 1127 Hill Road were owned by one party (“Segal”) who had bought the two properties for $6,000,000 in December 2000. In January 2007, having begun construction on 1104 Channel Drive, Segal sold 1127 Hill Road for $12,800,000. While still framing the new construction on 1104 Channel Drive, Segal accepted a $25,000,000 unsolicited offer to sell. In short, Segal’s $6,000,000 investment in 2000 became a $37,800,000 bonanza by 2007. (Thereafter, in September 2009, the current owner of 1104 Channel recombined the two properties by purchasing 1127 Hill Road for $11,000,000. 1127 Hill Road has also just come on the market asking $17,200,000 and it can be viewed here.)
