Ellen DeGeneres grabs a foreclosure bargain

Ellen DeGeneres is seen by many as a “serial real estate investor” and her latest acquisition in Santa Barbara County further strengthens this image. She has paid $18.6 million for an oceanfront property which was in foreclosure under the Bank of America. Previously owned by real estate developer Robert F Maguire III, who bought it back in 1997 for $3.15 million, it is not clear why it went into foreclosure but Ellen DeGeneres seems to have grabbed herself a bargain!

Built in 1979

This is a relatively new property built back in 1979 and still looking extremely fresh, modern and trendy today. The property has four bedrooms, 4.5 bathrooms but it is the high ceilings and walls of glass which really make it stand out. It has seemly increased in value from $3.15 million back in 1997 to over $20 million today, although Ellen DeGeneres did manage to grab it for just $18.6 million. This has created an immediate paper profit in the region of $1.4 million!

The property is located on luxury Padaro Lane in Carpinteria, California and boasts celebrity neighbours such as Ashton Kutcher and Mila Kunis amongst others. Indeed the property is only a hop skip and a jump from the home Ellen DeGeneres currently shares with her wife Portia de Rossi in Santa Barbara. Apparently this property is still on the market at $45 million although Ellen DeGeneres can maybe now afford to shave a little off the price after her recent bargain?

Remodelled main house

The new acquisition is located on a 1.13 acre site which boasts a recently remodelled 6000 ft.² main house as well as a guest property. The two-storey property offers amazing views over the ocean with direct access to the adjacent beach. However, for many people this property is eye-catching because of the large windows and open plan nature of the design. There are also numerous areas in which to relax and watch the sun go down while catching the last of the summer rays!

Bright and breezy decor seems to be the name of the game with this property with white walls, white furniture, white rugs and light wooden floors. To say the property is spacious is an understatement, to say it is classy does not do it justice and it is one of those properties you have to see to believe. Can you imagine views of the beach and the ocean from whichever window you are facing?

Serial real estate investor

When you bear in mind this property was recently valued at $20 million there is a potential paper profit of $1.4 million as soon as Ellen DeGeneres exchanged the cash for the keys. She seems to be having a little difficulty disposing of her Santa Barbara property which was listed at $45 million. The Tuscany style estate is only 10 minutes from the new property and boasts an even higher standard of neighbour.

It looks as though Ellen DeGeneres has a real eye for a bargain as she very quickly snapped up this new property at a near 10% discount to the real asset value. What next for the real estate wizard?

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