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Location: Montecito, Calif.
The Skinny: For a town known for its expensive real estate and stunning views of the Pacific, Montecito, Calif. actually hosts few direct waterfront mansions and even fewer that front onto a sandy beach. This rare, 0.62-acre property, known as Villa Pelican, has been the beach home of investors John and Patricia Klink, but the couple declared bankruptcy in 2009 and have since been attempting to pay off more than $20M in debt. The sale of Villa Pelican for something close to its $11.2M asking price should put a dent in those debts, provided a buyer can get past the dated and oddly conservative interiors. The 6,400-square-foot villa houses seven bedrooms, nine bathrooms, a guest house, a three-car garage, gardens, and a beach cabana.
· 1787 Fernald Point Ln [Coldwell Banker via Zillow]
· $22M bankruptcy spotlights Montecito [Pacific Coast Business Times]