One year ago, Ellen DeGeneres and Portia de Rossi bought Dennis Miller’s Montecito compound (588, 592, and 596 Picacho Lane) for $49 million—and now they’ve turned around and flipped it to an unknown buyer for $55 million. The deal was off-market, so there’s no way to know how much, if anything, was done to the property. And the closing price could include furniture.
It’s equal to their largest known real estate deal to date, at least according to Architectural Digest‘s timeline of their transactions. In 2014, “They paid almost $40 million for an A. Quincy Jones–designed Holmby Hills home (called the Brody House), and then sold the lavish property for $55 million just six months later.”
DeGeneres and de Rossi still have (at least) two properties in Montecito: the Rancho San Leandro hacienda in Ennisbrook, which they bought for the second time in May (having sold it in 2018) for $14.3 million, and a midcentury house on Hill Road, which they bought last December for $2.9 million.
The only question now is, what will they buy next? Most folks would think it wise to sit out this market, but most folks haven’t done as well in real estate as these two….
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