You missed it. Two ranches combined into one premium property totaling close to 25,000 acres in high-dollar Santa Barbara County just sold for a reported $140 million ($5,600 per acre.)
BY TREY GARRISON
PUBLISHED JUNE 2007
The Cojo-Jalama’s $140 million price tag makes it the most expensive land deal to date in 2007.
Sotheby’s International Realty, which listed the ranches at a record-setting $155 million, closed the deal earlier this year for a reported $140 million. Santa Barbara’s Kerry Mormann of Kerry Mormann & Associates co-brokered the deal. And while there’s still six months to go, it looks like the Cojo-Jalama Ranch could be one of the priciest land deals of 2007.
Located on some of the most envied land in California, the Cojo-Jalama is a working cattle operation with a nearly 100-year pedigree. The sprawling private enclave includes about eight miles of coastline, coastal plains, and inland valleys. The property stretches from Point Conception and the Gaviota Coast to the foothills of the Santa Ynez Mountains and boasts rolling grasslands, ancient oak forests, and breathtaking views of the Santa Barbara Channel Islands.
By combining Rancho El Cojo and Jalama Ranch into the Cojo-Jalama, Sotheby’s created an impressive real estate package that the listing agents say likely won’t be seen again.
“Our goal was to fashion the finest real estate opportunity on the West Coast and present it to the world,” Sotheby’s CEO, Kathryn Korte, said in a release.
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