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NY Post
New York Post
13 Aug 2024


NextImg:Ellen DeGeneres flips $96M California estate to mining tycoon in a high-stakes property swap

Ellen DeGeneres is at it again — flipping multimillion-dollar homes like they’re playing cards. The talk show titan just offloaded her sprawling blufftop estate in Carpinteria, California, near Santa Barbara, for a whopping $96 million.

The buyer is Robert Friedland, a mining billionaire with a taste for prime real estate, according to the Wall Street Journal.

DeGeneres, who scooped up the luxury property less than two years ago for around $70 million, made a cool $26 million profit on the resale.

Ellen DeGeneres flipped her Carpinteria estate for a $26 million profit. Sotheby's International Realty
The home is situated on 10 acres. Sotheby's International Realty

A few months ago, she and her wife, Portia de Rossi, shelled out $32 million to reclaim a Santa Barbara mansion they sold to Friedland earlier this year for the same price.

Robert Friedland. Bloomberg via Getty Images

Carpinteria, a celebrity magnet on California’s coast, has attracted big names like George Lucas and Kevin Costner over the years.

DeGeneres’ former estate there spans 10 acres and features an 8,000-square-foot home complete with exposed wood beams, a cabana and a guest cottage. The power couple snagged the place from hedge-fund guru Bruce Kovner in 2022, who had originally listed his 22-acre compound for $160 million before selling off parcels.

Kovner still owns a neighboring chunk of land, which he’s trying to unload for $75 million.

The home boasts beach views. Sotheby's International Realty

The Carpinteria home sits on Padaro Lane, one of the priciest and most exclusive spots in the area.

Meanwhile, DeGeneres and de Rossi have also snatched up a vacant 3-acre property next to their reclaimed Santa Barbara estate for $6 million, adding even more land to their growing portfolio.

The primary ensuite bathroom. Sotheby's International Realty
The pool. Sotheby's International Realty

The property itself, a nearly century-old home sitting on 8 acres, fits right into the couple’s penchant for historic properties with a luxurious allure.

Friedland, the founder of Ivanhoe Capital, has been busy flipping properties of his own. He recently sold another Carpinteria property for $49.6 million, just a year after buying it for $46.9 million.

DeGeneres and de Rossi’s real estate empire isn’t slowing down anytime soon. Back in 2020, they dropped $49 million on a Montecito estate from comedian Dennis Miller and his model wife, Carolyn Espley-Miller.

As for the local market, Santa Barbara, Montecito and Carpinteria are on fire.

Single-family home prices in South Santa Barbara County jumped 8% in the first half of 2024, with the median sale price hitting $2.265 million, according to Village Properties, as cited by the Journal.

Sales volume also surged 19% compared to last year.