New Montecito Beachfront Closing: 1787 Fernald Point Lane
1787 Fernald Point Lane has closed escrow in a complicated bankruptcy/short sale for a recorded selling price of $7,000,000.
Known as “Villa Pelican,” 1787 Fernald Point Lane is an East facing and private Montecito beachfront estate on 0.6 acres and approx. 115′ of beach frontage within the gated “Shark’s Cove” section of Fernald Point Lane. Built in 1934 and with very substantial deferred maintenance, Villa Pelican consists of a very dated 6,400 sq.ft. 7 bedroom/9 bath Monterey Colonial with spacious public rooms, a detached guest house, a 3-car garage, gated beach access with fully equipped cabana, gardens and dramatic ocean, island and mountain views.
History of the Listing
1787 Fernald Point Lane was listed in October 2014 asking $11,100,000 and closed in a complicated sale for $7,000,000. It had been on and off the market for at least 25 years at a variety of asking prices, all of which were substantially higher than market value, before finally being lost in a bankruptcy/short sale.
Previous Sales in the 2000’s
None.
