After selling his custom-built Montecito compound for $44.5 million last month, Rob Lowe is reinvesting his profits back into real estate. Two weeks ago, he bought a $3.75 million contemporary home in Beverly Hills, and now the “Parks and Rec” star has picked something new in Montecito, too — a $5.2 million fixer-upper that’s a remarkable downsize from his elegant former estate.
Unlike his former Montecito mansion, Lowe’s latest purchase is located walking distance to Montecito’s downtown area on Coast Village Road, and not further up in the hills of the pricey seaside town. Listing materials indicate the house was built in 1929, but records suggest the original structure was torn down and rebuilt in 1977 — and the vintage ’70s quirks of the current construction certainly support that theory.
Lowe’s new home spans a roomy 4,275 square feet, with three bedrooms and four baths, but the property’s most valuable feature near-acre of flat land, and the listing makes no secret that the existing single-story home is a potential teardown or, at the very least, awaiting a significant renovation.
Painted a delicate shade of peach, the structure’s exterior is paired with a gray shingled roof and olive green shutters. There’s a circular motor court outside, plus a two-car garage. Inside, there are formal sitting rooms with hardwood floors, all-white tongue and groove ceilings, a traditional brick fireplace, and a series of picture windows that gaze out into the backyard. Besides the formal sitting room, there’s also a more casual, cozier den covered in distinctly ‘70s wood paneling and glazed terracotta tiling, replete with a sizable mirrored closet wet bar — another endearing throwback to a time when Jimmy Carter was still in the White House.
Though it may not be as big as the mega-kitchens found in newer constructions, the kitchen is filled with homey charm. There’s a slender island, antiquated appliances, plus a dreamy eating area with picture windows that make for the ultimate sunny-side Montecito breakfast.
Outside, the flat backyard is lush and grassy, and there’s a small patio area near the house to dine al fresco. An L-shaped pool frames over-the-treetops views of the Pacific Ocean.
David Kent of Sotheby’s International Realty held the listing; Nancy Kogevinas of Berkshire Hathaway Home Services repped Lowe.