Since the passing of her beloved husband and business partner, weight-loss icon Jenny Craig has been on a mission to downsize her properties. Craig first listed her stunning beachfront home in San Diego and now has sold a sprawling Horse Ranch in Rancho Santa Fe to none other than the richest man in America, Bill Gates.
Craig and her husband, Sid Craig, bought the 229-acre compound known as Rancho Paseana in 1995 out of their mutual passion for horses. Just last year, Craig was forced to close the ranch after operating costs broached astronomical rates. The facility had previously been used as a training facility for thoroughbred horses as well as a rehab facility for injured horses.
The ranch includes a ¾-mile racetrack, four 30-stall barns and one 21-stall barn, a veterinarian’s clinic and an olive orchard. Craig had been trying to sell the ranch since 2010, however she balked on potential buyers and investors that wanted to use the facility for anything else but training and rehabbing horses, out of respect for her dearly departed husband.
“I felt I had to keep it open, if nothing else, in his memory,” Craig said to U-T San Diego back in May 2013. “I tried to make it work. I tried everything I could without reducing the quality of services.”
Enter Bill Gates. In September the billionaire purchased the property for $18 million with plans to turn it into a competitive hunting-jumping facility. Like the Craigs, the Gates family members are horse enthusiasts. Gates’ daughter jumps horses competitively.
Rancho Santa Fe Homes Are A Luxury Buyer’s Dream
Luxury home buyers looking for the perfect home in Rancho Santa Fe are seeing great conditions as the fall season wages on. According to Altos Research, a California-based real estate analytics company, prices have been downgrading while inventory has been gaining in Rancho Santa Fe, giving buyers the perfect opportunity to find a great luxury home at a bargain price.
Altos reports the median single-family home value in Rancho Santa Fe to be $3,355,731 as of October 10. Prices had been gaining throughout much of the last year, peaking in August right around $3.46 million before downgrading over the last few weeks to current levels.
Inventory has been looking strong in Rancho Santa Fe as well. After bottoming out at a low point in March, homes began flooding the market rapidly. There are about 244 properties currently on the market, which is a pretty good amount of available homes for this exclusive community.
With the market falling into a typically slower season for real estate, it will be interesting to see if luxury buyers in the San Diego region look to this great market to make their big fall home purchases.
If you are interested in learning more about Rancho Santa Fe homes for sale, please don’t hesitate to contact our team of luxury property experts today.
Check out these Rancho Santa Fe homes priced from $5 million to $6 million