Prince Harry and Meghan Markle have sold the $19 million mansion of their billionaire neighbor, who is now the latest Montecito resident to leave since the ex-royals arrived.
Peter Sperling was the son of John Sperling founder of University of Phoenix and one of America’s 400 richest Americans. He sold his seven-bed, 13 bath property in the Duke and Duchess of Sussex’s private Southern California neighborhood, according to deed records.
The billionaire heir also purchased another mansion in a few streets over for $16.3million. His two sales follow actor Rob Lowe’s September 2012 sale of his home in Meghan and Harry’s neighborhood.
Sperling was so keen for Harry and Meghan to move out of his Garden Lane home that he reduced the sale price by $7.65million.
The original listing was for $26.75million. However, the listing fell by $4.25million to $22.5million last year. The property eventually sold for $3.4million less than that, or $19.1million.
Prince Harry and Meghan Markle’s billionaire neighbor sold his $19million home just yards from them
The home is located just yards from the Duke and Duchesses property and sits upon 5.56 acres of land
The billionaire’s departure marks the latest exit of Montecito, California’s rich and famous Montecito residents since the ex-royals arrived
The seven-bedroom estate includes 13-bathrooms, an outdoor pool with a cabana, and two separate guesthouses with one-bedroom beds.
Gwyneth Paltrow and Ellen DeGeneres, as well as Oprah winfrey, also reside nearby in the celebrity enclave
It was originally listed at $26.75million, but the listing dropped by $4.25million last year to $22.5million, and eventually sold $3.4million under that, for $19.1million
The home was bought by a trust whose trustee is financial analyst and LA lawyer Robert Gipson (pictured), managing partner of Gipson Hoffman & Pancione
Since 2017, the billionaire has been trying sell the mansion.
Sperling and his wife Stephanie’s former $19.1million Garden Lane mansion, sold on April 6 2021, was bought by a trust whose trustee is financial analyst and LA lawyer Robert Gipson, managing partner of Gipson Hoffman & Pancione.
Gipson could now be the Sussexes’ newest neighbor – or could be a trustee for one of his clients who wished to purchase the home more anonymously.
Gipson is a member of Wolfgang Puck Worldwide’s Board of Directors and a member the strategic planning group at World Gym International.
He was previously a member of the Sundance Institute’s board, which is responsible for the Sundance Film Festival.
Documents filed with Santa Barbara County Recorder’s Office show that Sperling’s ex-mansion was purchased by The Owenshire Trust. Gipson is a trustee.
The trust secured a $12million mortgage for the property.
The home as a dual gated cobblestone circular drive, multiple entertaining rooms, 5-star professional chef’s kitchen, library and solarium
The home has a gorgeous kitchen. It also features a movie theater, two swimming pools, an outdoor kitchen, and a guest house.
The seller was so keen to sell his Garden Lane home just a few doors down from Harry and Meghan that he reduced the price by a total $7.65million
According to the listing, the home also features a new secondary culinary arts kitchen that is the envy of any 5-star restaurant’.
The listing calls the home a ‘legacy Estate in Montecito’s coveted Riven Rock redefining American Mansions’
The home’s exterior features three large doors that open onto a large patio area. This area is ideal for hosting guests.
The couple’s home is next to a pool and cabana. It was put up for sale earlier this year.
The staircase oozes elegance as the home is also near creeks, bridges and pathways perfect for families
One of the home’s reception areas is shown. The listing states that the master suite is the ultimate in luxury and comes with its own accessories boutique.
Actor Rob Lowe also left his home in Meghan & Harry’s neighborhood in September 2013
Sperling is the chairman of Apollo Group, the parent company of University of Arizona. He also has multi-million-dollar property investment portfolios.
Forbes estimates that he is worth $1.6billion, making him one of the 400 richest Americans.
In 2015, he sold another Montecito property that was once owned by Jayne Seymour ($10.5million).
Gwyneth Paltrow, Oprah Winfrey and other stars also have homes in the area.
A listing of the estate that was published last year claimed that it had seven bedrooms and thirteen baths.
Listing showed potential buyers the pool with a cabana as well as two separate one-bedroom guesthouses. It boasts a gym and views of the ocean and mountains.
Santa Barbara County records show that the 11,170sqft home was built in 1999 on 5.56 acres, has nine fireplaces and is only yards from the Duke and Duchesses property.
The county’s 2021 net appraised value of $25,111,000. was significantly lower than the April sale.
Estately.com has a listing for this luxurious bolthole that says: “Ocean/mountain view, lush lawns. citrus trees, verdant garden, creeks. bridges and pathways framing an extraordinary residence, setting the standard for luxury.
Harry and Meghan bought their sprawling Montecito home with 16 bedrooms and nine bathrooms in June 2013 for $14.65million. This is their neighbor’s backyard.
Harry and Meghan’s home is situated on 5.4 acres of land. Their neighbor’s home can be seen in a realtor listing.
‘Cobblestone motor court introduces an exquisite English Country Architectural with indelible grace & stature.
Van Acker Construction is a renowned luxury builder. It has approximately 16,668 square feet.
‘Featuring seven bedroom suites with 13 total bathrooms, an eight car subterranean auto gallery, two bay chauffeurs garage with three staff /security offices upstairs, two separate one-bed guest houses and separate staff laundry/restrooms/break room facilities.
‘Detached professional fitness center, play area, pool and cabana.
‘New secondary culinary art kitchen that will be the envy at any five-star restaurant.
The master suite that is the best of all, complete with its own accessories boutique.
“See this and you’ll see it all!”