New Montecito Beachfront Escrow Closing: 1745-55 Fernald Point Lane
Listed for $28,000,000, 1745-1755 Fernald Point Lane has closed escrow for $19,870,000.
1745-1755 Fernald Point Lane consists of two parcels, one beachfront with approx. 300′ of beach frontage, and a non-oceanfront parcel improved with a 3 bedroom/4.5 bath guest house, for a total of approx. 3.55 level acres. The beachfront parcel is currently a building site for a partially constructed approx. 13,000 square feet Mediterranean estate designed by Marc Appleton. The grounds feature a tennis court, rose gardens, mature palms and magnolias.
This property is right at the “Point” of Fernald Point Lane and offers spectacular panoramic views.
History of the Listing
1755 Fernald Point Lane has been available quietly for years. Its most recent asking price on the open market was for $47,000,000, at which price it was marketed from July 2007 to July 2009. It was formally put back on the market in mid-November 2013 asking $28,000,000 and went into escrow in mid-February 2014. It closed in April 2014 for $19,870,000.
Previous Sales in the 2000’s
1755 Fernald Point Lane last sold in February 2001 for $17,000,000. The partial construction that is currently on the property was already in place at that time.
