Patrick M. Nesbitt and 120 Montecito Ranch Lane
The CEO of Embassy Suites’ parent company is selling his 43,000-square-foot oceanfront home in Montecito, where celebrities like Oprah Winfrey and Ellen DeGeneres also own homes, The Real Deal has learned.
Patrick Nesbitt, who founded and is head of Windsor Capital Group, wants $65 million for his Montecito mansion on 20 acres. It includes a helipad in Hermes colors, a horse stable and a monumental wine cellar. The move comes amid a general luxury market slowdown in the region, with properties lingering or selling at sharp discounts. In January, DeGeneres paid $27 million for her Bali-inspired Montecito mansion, which was down from the $40 million price tag it started at.
Nesbitt’s property, dubbed the Secret Wine Garden Estate, has four different structures with 11 bedrooms and 22 bathrooms. There is a 20-horse stable, full-size polo field and a 5,000-bottle wine cellar with attached tasting room. And there’s more: Other amenities include a nightclub, “man cave” with a sports bar, a protected butterfly reserve, horse trail, Japanese garden, putting green. and a 128-foot swimming pool.
He is chairman and CEO of Santa Monica-based Windsor Capital. The company is the largest private owner and operator of Embassy Suites by Hilton hotels, and manages other hospitality assets under Marriott brand.
Listing broker Shawn Elliott of Nestseekers said Nesbitt is selling his expansive estate because he and his wife are looking to downsize. Though it’s not clear by how much. Nesbitt is building nine homes on a 45-acre spread nearby, Elliott added. He plans to hold onto one of the homes for his personal use.
To attract a wide range of buyers, Nesbitt recently spent “millions” to add a “Hermes Helicopter Hangar” to the property, according to marketing materials. Elliott said the hangar is accented with Hermes colors, and spans about 5,000 square feet.
Nesbitt built and has owned the home for the last two decades, Elliott added. It’s unclear how much he paid for the land at the time.
For years, celebrities and other ultra-wealthy individuals have been turning to Montecito. That includes DeGeneres, a serious investor of high-end homes investor. In addition to the $27 million property she bought, DeGeneres sold another home in the area to Tinder co-founder Sean Rad, who last month put it on the market for $12.7 million.
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