Xorin Balbes Sells Renovated Mediterranean Mansion In Montecito For $32 Million With Nancy Kogevinas

The property asset involved in the transaction is a 1910 Mediterranean-style mansion located at 465 Hot Springs Road in Montecito. The estate spans approximately 13,560 square feet and sits on 3.86 acres. It was sold for $32,000,000 after being initially listed at $52,000,000, highlighting a significant price reduction. The estate features multiple amenities including a guest house, pool house, pickleball court, and a wellness pavilion.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $32,000,000
• Address: 465 Hot Springs Road
• Market: Montecito
• Square Footage: 13,560
• Price per Square Foot: $2,360
• Seller: Xorin Balbes
• Broker: Nancy Kogevinas - Berkshire Hathaway HomeServices California Properties

This transaction was facilitated by broker Nancy Kogevinas, who represented both sides of the deal. Seller Xorin Balbes is noted as a developer and is responsible for the renovations carried out on the property prior to the sale.