A sprawling estate perched along California’s Pacific Coast Highway has finally sold for $17.22 million after languishing on the market for nearly 15 years, according to Mansion Global.
The sale was initially announced in a press release from its listing brokerage.
Located outside the picturesque town of Cambria in San Luis Obispo County, the 78.5-acre property boasts a slew of amenities — including a helipad, vineyards, stables and even a show garage for luxury cars.
Once listed for as much as $60 million, the estate was most recently asking $28 million before going into contract.
The deal officially closed last week, marking the most expensive residential sale in Cambria’s history, according to Neyshia Go of Sotheby’s International Realty, who represented the seller.
“This property has so many unique features that there are so many options in how you can utilize [it],” Go told Mansion Global.
The centerpiece of the estate is a grand, Venetian-style main residence spanning 12,000 square feet.
Visitors are greeted by a dramatic rotunda with a fountain, leading to a home that includes six bedrooms and 14-foot ceilings.
Additional structures dot the property, including several guest apartments, a caretaker’s cottage and a 12,700-square-foot pavilion originally designed to house a helicopter. The pavilion has been reimagined as an event space, complete with a prep room and an upstairs lounge that offers breathtaking ocean views.
For those looking to entertain, a separate 4,200-square-foot structure includes a full bar and a half-bathroom.
According to Go, the seller, real estate developer Khosro Khaloghli, used this building as a show garage for his car collection, which included a Bentley once owned by Winston Churchill.
The estate’s grounds are as impressive as its structures. Six acres of vineyards are planted with 6,200 Pinot Noir grapevines, while 3 acres of olive trees produce another bounty. For equestrian enthusiasts, there are stables for six horses, two fenced pastures and bridle paths that lead to the ocean.
Other outdoor highlights include hiking trails, meadows, a musical stage and a sculpture garden. A helipad ensures easy access for those unwilling to endure the several-hour drive from Los Angeles or the Bay Area.
Khaloghli, CEO of KB Investment Development, first fell in love with the area as a child and purchased the land in the 1990s. He poured millions into creating the estate’s infrastructure, vineyards and elaborate structures.
“He came here as a kid and fell in love with the area,” Go told the outlet. “He knew he wanted to build here.”
Despite his efforts, Khaloghli never lived in the palatial main house, opting instead to stay in one of the guest homes.
“After all the years of building it, he never got emotionally attached enough to live in the main home,” Go explained.
The estate’s road to finding a buyer was anything but smooth. First listed in 2010 for $58 million, the property cycled through price reductions and multiple auctions, including a 2019 no-reserve event that failed to attract a buyer.
By 2021, it was asking $40 million but still struggled to sell. Go attributed the challenges to two factors: the lack of comparable properties in the area and the substantial upkeep required for such an expansive estate.
However, the unique lifestyle it offers eventually found its match.
“It sold to a buyer who plans to use it as a generational compound,” Go said. “They purchased the property on the basis of making it something the family could enjoy forever.”
David Crabtree of Home & Ranch Sotheby’s International Realty represented the buyer, whose identity has not been disclosed.