Craig McCaw Buys Near Bacara
Barney Reports on Billionaire’s Sixty Acre Purchase
Tuesday, July 10, 2007
Craig McCaw Buys Near Bacara: The former husband of News-Press owner Wendy McCaw has purchased 60 acres of coastal land next to Bacara Spa & Resort for $20 million, according to sources.
McCaw, a Seattle-area billionaire who made his fortune as a pioneer in the cellular phone industry, recently bought a Montecito estate and, according to reports, plans to move here at least part time.
Realtor Kerry Moorman, who reported the sale on his website, declined to identify the buyer, citing confidentiality reasons, when I talked to him Monday. But the buyer of what’s been dubbed The Santa Barbara Cove, Gaviota Holdings, LLC, lists as its mailing address a post office box in Kirkland, WA, where McCaw has his offices.
Moorman’s website described one 38-acre parcel as, “A magical estate site located adjacent to the world-renowned Bacara Resort. The primary feature of this unique property is a heavily treed and secluded sandy beach that you can drive to. The balance of the land is primarily level bluff top with panoramic ocean and mountain views.”
It was listed at $18 million, and 22 acres of adjacent land was listed at $3.5 million. Indications are that the total 60 acres went for about $20 million.
There was no indication of what use McCaw plans to make of the property, whether as a home site, or perhaps for resort development.
McCaw’s wife, Susan Rasinski McCaw, is the U.S. Ambassador to Austria. Between 1999 and 2004, the McCaws donated over $226,000 to the Republican Party, according to Wikipedia. Craig and Wendy, despite their tumultuous divorce, are reported to be on good terms and may share business interests.
SY Valley Ranch Sold: The Bar-Go Ranch, listed at $28 million, was sold to a development group last week. Realtor Robert Etling, who represented seller David Keller of Beverly Hills, confirmed reports circulating in the Valley, but declined to reveal the sales price.
The Happy Canyon ranch, on Brinkerhoff Road on the flank of Figueroa Mountain and next to the Sedgwick Preserve, is divided into 18 parcels, Etling confirmed. T. Hayer @ Associates represented the buyer, partners in Palo Alto and Newport Beach.