Montecito Beachfront Price Reduction: 1787 Fernald Point Lane
After 3-1/2 months on the market listed with Coldwell Banker, the asking price of 1787 Fernald Point Lane has been reduced a second time, now from $10,300,000 to $9,900,000.
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.
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 now has been reduced to $9,900,000. The current sale of 1787 Fernald Point Lane is subject to bankruptcy court approval.
