Norman Pattiz, founder of radio network Westwood One, is hoping four years and a $4-million turn-of-the-dial will be enough to sell his compound in Montecito.
Complete with a Mediterranean-vibe estate, a palatial pool space and a two-story pavilion, the nearly three-acre property is on the market for a dollar shy of $12 million. It originally hit the market in 2014 at $15.9 million, real estate records show.
Gates open to a palm-lined driveway, which snakes up to a motor court at the front of the home. Inside, a two-story foyer with limestone floors and a sweeping staircase kicks off the 9,430 square feet of elegant living spaces.
Coffered ceilings top the formal dining room, arched windows brighten the living room, and the spacious kitchen is centered by an oversized island. The main floor also holds a wood-paneled library, a window-lined breakfast nook and a family room with a fireplace.
The master suite, one of the property’s five bedrooms and eight bathrooms, sits under dramatic, curving plasterwork. Its chandelier-topped bathroom opens to a terrace that takes in the tranquil grounds.
Past a rolling lawn, a swimming pool borders an ivy-draped pavilion. There’s landscaping and a fireplace on the top half, and down below sits a covered dining area.
Should it meet its asking price, the property will still chalk up as a loss for Pattiz. He bought it 12 years ago for $17.5 million, public records show.
Peter Zimble and Dusty Baker of Sotheby’s International Realty hold the listing.
Pattiz, 75, founded Westwood One in 1976. At its height, the national syndication network broadcasted news, weather, sports and entertainment to around 7,700 stations around the country.