California horse ranch once asking $109m sells at auction for $22.55m

Once marketed for $109 million, Rancho Cariñoso has sold at auction for $22.55 million, a dramatic drop for a property with nearly an acre of private beach. The 4.2-acre estate sits on Padaro Lane, between Carpinteria and Santa Barbara, and combines a working horse-ranch character with rare oceanfront access. Its features include a three-bedroom home, citrus and avocado groves, equestrian trails leading to the sand and access to the Loon Point surf break. Realtor.com reported that the property had spent years on and off the market, with its asking price repeatedly reduced before it went to auction. The sale closes a long search for a buyer willing to take on one of Southern California’s most distinctive coastal estates.A ranch beside the PacificRancho Cariñoso occupies a coveted stretch of coastline near Loon Point Beach.