Oprah Winfrey has closed escrow on a 42 acre Montecito estate for an estimated $50 million according to real estate sources.
The sale is one of the highest for a private home in the state and the country. It was surpassed in Southern California last year only by the purchase of Castle and Cook chief executive David Murdock's Bel Air home by Global Crossing chief Gary Winnick; however that deal, valued at $95 million also involved a land trade.
The talk show host bought the property, which has ocean and mountain views, from a Southern California industrialist who have been living in the 2000 sq ft stone gatehouse on the property since it was rebuilt a year ago.
The sellers had purchased the property for $14 million in 1998. The previous owners, who had bought the estate in 1935, had built an 8000 sq ft ranch style house on the site in 1957. A 6000 sq ft redwood house, used for guests was also built.
The current sellers undertook a major renovation of the houses and grounds with the help of Corinna Gordon Interior Design of Montecito, who spent nearly three years on the project.
The sellers had planned to hold fundraisers on the estate, which also has a barn, an orchard, two ponds and a lake.
Plans changed when Chicago-based Winfrey came to town in April to shoot photos for her magazine "O". She fell in love with Santa Barbara and made the owners an offer they couldn't refuse.
The refurbishing wasn't finished but Winfrey wanted the property anyway. That suited the owners, who were beginning to think they didn't need such a big home, despite the fun they were having fixing it up.
They were still working on the main house built in the 50's.
The 23,000 sq ft Georgian style home is still six months away from completion, as is the outside area for the pool, tennis court, barbecue pit and patio.
But that didnt faze Winfrey, a real estate maven who owns a penthouse overlooking Lake Michigan and a 160 acre farm in Indiana.
Winfrey, 47, is arguably the most influential and richest person on TV. She is also founder of Oxygen Media, a New York based cable and TV network that caters to women. Winfrey's net worth has been reported as $800 million by Forbes Magazine.
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