Many people will not be aware of this but leading actor Kevin Costner is a serious real estate investor with an eye for a bargain. Those in the industry will be well aware that Kevin Costner has over the years acquired a significant area of land along the Santa Barbara coastline. Initially he was thought to have large scale development plans but he has recently decided to sell off a 10.25 acre plot.
When you consider that the 10 acre site in question is just 80 miles north of Los Angeles and minutes away from the Santa Barbara airport it is not difficult to see why it has been priced at $60 million. It is situated in the beautiful Padaro Lane enclave which if nothing else gives the land a major seal of approval for property redevelopment. The vast majority of celebrity property sales we cover are beautiful homes with manicured gardens. However, what you are buying into in this 10.25 acre site is a piece of paradise and a very much sought after development plot.
Two bedroom property
While Kevin Costner had plans to build his dream home on the 10.25 acre parcel of land he is now selling, there is already a small two-bedroom property which was built in the 1940s. He obviously had plans to knock down the property and build a more majestic and eye-catching home. It was only a few weeks ago upon reviewing his real estate portfolio that Kevin Costner appears to have changed his mind having been ready to sign on the dotted line to build his dream home. Family commitments would seem to have been the main reason for his change of direction.
While the parcel of land itself is 10.25 acres this also includes 500 feet of ocean frontage and beach access. Can you imagine owning 500 feet of ocean frontage in the Santa Barbara area with views over the mountains and the Pacific Ocean?
It is anybody’s guess how many private properties you could build on the 10.25 acre site and what premium access to a private beach would bring. The views over the Pacific Ocean are absolutely stunning and while the current two-bedroom property looks out of place, it is unlikely this will remain standing in the longer term. Any real estate investor looking towards America will be well aware of the value of property in Santa Barbara therefore in reality the $60 million asking price is not as expensive as it may seem at first glance.
Actively managing your real estate portfolio
The 10.25 acre parcel of land currently up for sale is just one of six coastline plots that Kevin Costner owns in the area. There is no indication of how much the property cost when acquired but we can safely say Kevin Costner would be banking a significant profit at the $60 million asking price. It does show that while some celebrity real estate investors are happy to buy properties and sit tight for many years, others such as Kevin Costner are more than happy to trade their assets.
In many ways this is a win-win situation of the Kevin Costner because a sale at the $60 million asking price would effectively revalue all of his remaining coastline investments. If he was not able to sell the property at the $60 million asking price we daresay he could live with that.