SANTA BARBARA, CA—Rancho San Carlos, a 237-acre private estate in Santa Barbara, has come to market via Sotheby's International Realty Inc. brokers Harry Kolb and Suzanne Perkins, who was named exclusive listing agent for the property. Built in 1931 and owned only by the family during that time, the property is listed at $125 million.

"The original creators of this very special family enclave passed away several years ago and the numerous heirs, who are located across the country, have expressed an interest to use their equity in this property for other uses," Kolb tells GlobeSt.com about the seller's decision to sell the property.

Designed by Reginald Johnson, Rancho San Carlos is a massive estate. Aside from the sizable 237 acres, the property has a 30-room, 29,000-square-foot house, 10 guest cottages, a 10-stall barn with a covered rising area that was built a year earlier in 1930. The interior rooms feature moldings and mantelpieces from an English manor home built in the 1920s, and an authentic English whiskey pub with wooden casts and a long oak bar. The grand property has stunning ocean views on one side and panoramic mountain and valley views from other viewing places in the house.

Perhaps the most valuable feature considering California's ongoing drought, the property has access to seven agricultural water meters and three water storage reservoirs, while receiving 50% of its water from a diversion system from adjacent Romero Creek.

"We think the most likely buyer will be someone who appreciates the three most unique features of the property and will be interested in retaining those same attributes: the fact that the property is still owned by the original family that created it's features over 90-years ago and so has a wonderful provenance and feeling of stability; the fact that it's the largest property, and by a considerable margin, of any other major estate in this very exclusive community of Montecito; and that it is the largest residence in that same community," says Kolb. "These three unique characteristics coupled with the wonderful design elements of this wonderfully built home designed by the well respected architect Reginald Johnson make this a very special opportunity for the buyer who can afford this scale of exclusivity."

This massive property will be a trophy asset for any buyer's portfolio, and has huge potential. In other Santa Barbara news, earlier this year, GlobeSt.com reported that the Housing Authority of the City of Santa Barbara purchased a 1.76-acre property to build senior housing. The property traded hands for $2.25 million.