Not only does Thomas 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.
Laffont, a part-time Malibu resident who co-founded Coatue Management in 1999 with his brother, billionaire Philippe 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.
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Image Credit: Realtor.com Built in 1924, the estate’s main residence and guest cottage recently underwent an extensive renovation. The primary quarters now offer 6,000-plus square feet of stylish living space on two levels rife with period details, including wood-beamed ceilings, hardwood flooring, a lovely mosaic-tiled staircase and five vintage fireplaces.
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Image Credit: Realtor.com The lower level is highlighted by formal family and living rooms, both with fireplaces and French doors that open to a charming central courtyard, while a gourmet kitchen comes equipped with high-end appliances, a built-in desk and center eat-in island topped by a skylight. There are also a formal dining room, office area and, per the listing, a wine cellar.
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Image Credit: Realtor.com The upstairs level, meanwhile, houses four large bedrooms, including a master retreat with a balcony, expansive closet, and luxe spa-inspired bathroom with soaking tub and separate shower. An additional nanny room also features an ensuite bath.
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Image Credit: Realtor.com Perhaps standing out above everything else, though, is the estate’s sprawling, lushly landscaped backyard encircled by those previously mentioned hedges. Ideal for entertaining, the grounds include a new free-standing gym, pool and spa flanked by an open-air cabana and built-in barbecue, an award-winning rose garden replete with flag pole, a clay tennis court and pavilion, koi pond, flowing creek, numerous fountains and even a private well.
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Image Credit: Realtor.com Adding to the property’s allure: a newly renovated, light-filled two-story guest cottage outfitted with a large upstairs bedroom, kitchen, bathroom, and dining and family rooms.
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Image Credit: Realtor.com The Montecito home last sold for $7.1 million in 2016. Nancy Kogevinas of Berkshire Hathaway HomeServices represented Laffont; Daniel Encell, also of Berkshire Hathaway HomeServices, served as listing agent.