Even though he already owns a $16.3 million estate just down the street, big shot financier Graham Duncan has paid $19.4 million for another Montecito house, this one a blocky contemporary with spectacular ocean views. Duncan’s purchase price is down from the home’s original $22 million ask but still significantly above the $12.5 million that the three-acre estate last fetched, when it sold in 2012 to Lisa Hearst Hagerman — a great-granddaughter of newspaper magnate William Randolph Hearst.
Built in 1992, the vaguely adobe-like complex includes a four bedroom, five bathroom main residence situated on a high ridge. Just below that, set on a lower knoll in the terraced backyard, there’s a red tile-roofed guesthouse with another one bed and one full bath. Together the structures span nearly 10,000 square feet of living space, all of it tucked behind gates and surrounded by lush native landscaping at the end of a private cul-de-sac.
There are two separate gated driveways on the property, one of them a service entrance leading directly to the guesthouse. The main drive leads to a long motorcourt with space for 12+ cars, plus a three-car garage attached to the main house. At the end of the driveway, a gated courtyard planted with mature olive trees connects to the front door; inside there’s a long, gallery-like corridor — perfect for the display of a trophy art collection — that branches off to various public rooms.