Is It Too Early to Call This the Real Estate Bargain of the Year?

I had heard that the auction of 9525 Calle Real in Goleta—207 acres just west of the Ritz-Carlton Bacara, with a mile and a half of ocean frontage—had sold for a song when it went up for auction on December 9, and now know how sweet a tune the buyer is singing. The closing price just came through: $6.6 million, or just under $32,000 per acre. The property had most recently been listed for $25 million. When I called someone involved in the sale to confirm the price, I was told—understatement of the year—that “it wasn’t the most successful auction.” Well, for the seller, anyway….


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