Not only does Philippe Laffont deal in hedge funds — specifically, those in the tech arena (think Uber, and most recently, DoorDash) — he apparently has a fondness for communities that carry the name hedge as well. In a somewhat ironic twist of circumstances, the Belgian-born, New York-based tycoon recently purchased an historic Spanish Revival-style residence situated in Montecito’s coveted Hedgerow district, which is known for its stunning estate homes sited on oversized lots encased by towering hedges — hence, the name. The result? An atmosphere offering the utmost in privacy and security, while at the same time affording easy access to an abundance of nearby amenities.
Named one of “The Richest in 2020” on “Forbes’ Billionaire List with a $1.4 billion net worth, Laffont, who co-founded Coatue Management in 1999 with his brother, part-time Malibu resident Thomas Laffont, seems to have picked a sure thing when it comes to this Montecito manse. In fact, he obviously thought the residential gem was such a worthwhile investment that he paid $200,000 over the $11.5 million asking price, plunking down $11.7 million to purchase the five-bedroom, six-bath structure this past January.
Although the property has a history of pending sales, and most recently was listed for rent at $60,000 per month in 2020, records state that this particular property is valued 257.7 percent higher than the typical home in the 93108 ZIP code where it’s located. Home values in the area also increased 9.6 percent during the past 12 months, with houses there expected to rise in value by 6.1 percent in the next year.
Resting on almost two acres of park-like land between the Lower and Upper Montecito villages, Laffont’s newly purchased estate overlooks mesmerizing views of the Santa Ynez Mountains. Found close-by is Miramar Beach, along with fine dining, shopping, and the upscale Rosewood Miramar, Four Seasons Biltmore and San Ysidro Ranch resorts.