A Mediterranean estate perched on Montecito's historic Pepper Hill hits the market for the first time in 20 years. The price: $17 million.
The Big Picture
The 8,000-square-foot home, built in 2003, sits on land once part of industrialist David Benton Jones's private estate, developed around 1916. Listing agent Tracy Tutor of Compass notes that what are now 48 individual properties were originally a single estate. Remnants of that history—110-year-old balustrades and walls—still grace the grounds.
This blend of legacy and location—minutes from Butterfly Beach and San Ysidro Ranch—makes the listing a rare event. In a luxury market where inventory is chronically tight, properties like this seldom change hands. The last time this house traded was 2006, just before the housing bubble peak. Since then, Montecito has seen significant appreciation, driven by demand from wealthy buyers seeking refuge from economic and climate volatility. The property offers not just a home, but a piece of California history, with architectural elements dating back to the early 20th century.
“"Buying this home means acquiring a piece of Montecito's history, not just a house."”
