Ellen DeGeneres, Portia de Rossi Take Rare Loss on Montecito House

It doesn’t happen often, but even Ellen DeGeneres and Portia de Rossi make a real estate misstep now and again. After first listing their century-old cottage in Montecito’s affluent Hedgerows District last winter for $5.8 million, the house has just sold for a discounted $5.1 million. Though that’s still a large sum of money by any stretch, it’s $300,000 less than the former talk show host and actress originally paid for the pre-Craftsman home last spring.

Over the years, the couple has famously reaped tens of millions in real estate profits — just two months ago, for instance, they sold a historic Montecito hacienda right next door to Oprah Winfrey’s “Promised Land” estate to Bumble founder Whitney Wolfe for a cool $21 million, or $7 million more than what they paid two years ago.

Last September, the pair also made out like bandits when they transferred a Moorish-influenced villa in the same Santa Barbara County city to music manager Scooter Braun for $36 million, or a whopping $15 million over what they doled out for it just six months before.

As for their most recent sale, the “classic cottage” was built in the early 1900s and rests on nearly a quarter-acre of land hidden away behind high hedges. Inside the U-shaped structure are two bedrooms and three baths in a little more than 1,900 square feet of single-level living space, all of it boasting hardwood floors, vaulted ceilings, wainscoted walls, decorative columns and original built-ins.

An inviting porch introduces the striking red front door, which opens into a wide entrance hallway that flows to a fireside living room flanked by large windows. Other highlights include an updated kitchen outfitted with granite countertops and newer cabinetry, plus a formal dining room, and master retreat displaying a fireplace and spa-like bath.

Outdoors, the backyard hosts plenty of spots ideal for al fresco lounging and entertaining; and rounding it all out are three separate buildings: a one-bedroom, one-bath guest cottage, accessory dwelling and one-car garage.

In case you’re wondering, there’s still more than enough chances for DeGeneres and de Rossi to re-board the house-flipping gravy train. In addition to the aforementioned properties, they still maintain several residences ripe for resale, including an oceanfront compound in Carpinteria, a Bel Air estate and two petite Montecito cottages.

The Hedgerow listing was held by Riskin Partners Group of Village Properties; Ewy Axelsson of Village Properties repped the buyer.