Ellen DeGeneres, the popular TV host and renowned real estate investor, has pulled off another impressive deal in the luxury property market. On August 12, 2024, reports surfaced that DeGeneres had successfully flipped her 10-acre blufftop estate in Carpinteria, California, for an eye-watering $96 million. This transaction marks another significant milestone in her real estate ventures, which have become almost as famous as her television career.
Ellen and her wife, Portia de Rossi, originally purchased this stunning property in December 2022 for approximately $70 million. The estate, located in the serene coastal town of Carpinteria, just south of Santa Barbara, includes an 8,000-square-foot mansion, a guest cottage, and a cabana, all sitting atop a picturesque bluff with panoramic ocean views. The property is situated on Padaro Lane, one of the most sought-after addresses in the area, known for its exclusivity and breathtaking scenery.
The buyer of this luxurious estate is Robert Friedland, a mining magnate with a reported net worth of $3 billion. Interestingly, this is not the first time Friedland and DeGeneres have crossed paths in the real estate market. Just a few months ago, in June 2024, DeGeneres and de Rossi repurchased a different property in Santa Barbara from Friedland for $32 million, the same price they had sold it to him earlier that year. This Santa Barbara estate, known as Pompeiian Court, is a historic residence built in 1919, which the couple had previously renovated and sold, only to later decide they wanted it back.
The Carpinteria estate that Ellen recently sold was part of a larger 22-acre compound previously owned by retired hedge fund manager Bruce Kovner. Kovner had listed the entire compound for $160 million in 2021. While DeGeneres and de Rossi only acquired part of the property, their portion alone has appreciated significantly in value over the past two years, leading to their substantial profit from this latest sale.
Ellen and Portia’s knack for buying, renovating, and selling high-end properties has earned them a reputation as savvy real estate investors. Their portfolio includes multiple luxury homes in the Montecito and Santa Barbara areas, where the market for single-family homes has seen a notable increase in both prices and sales volume over the past year. In the first five months of 2024, the median sale price for single-family homes in South Santa Barbara County rose by 8% year-over-year, reflecting the growing demand for prime real estate in these coveted locations.
This latest deal underscores DeGeneres’s skill in identifying valuable properties and capitalizing on market trends. By flipping the Carpinteria estate for $96 million, Ellen has once again demonstrated her ability to turn a significant profit in the competitive world of luxury real estate. As she continues to navigate the market with a keen eye for lucrative opportunities, it will be interesting to see what her next move will be.