Historic Shangri-La Sold!

Historic Shangri-La Sold!

Historic Shangri-La Sold!

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Reese Witherspoon has started the new year out with plenty to celebrate. Her fabulous estate in Ojai, California finally sold. Sometimes it’s hard to understand how such a dreamy property could be on the market so long without being snatched up quickly, but as the times will have it, interested potential buyers sometimes tend to perch themselves on the fence waiting for yet another price cut before they rush in with their checkbooks. In this case it was a long wait from the time it was listed at $10 million until it was finally sold at $4.98 million.

Libbey Ranch was originally built in 1923 for Edward Libbey of glassware fame, as a stable. In following years the ranch evolved and has also had other illustrious owners such as Harold Ramis (Ghostbusters) and Kathryn Ireland, fabric designer and decorator to the stars. Taking into account that it was designed by Wallace Neff with later additions designed by Austen Pierpont, its history alone is intriguing. Its ambiance also attracted Frank Capra who used it as the setting for Shangri-La in his film, Lost Horizon. While Ireland filled the home with her colorful textiles, Reese came in with her own decorator, Kristen Buckingham, who gave it a neutral palette of earthy textures that accentuated the true architectural beauty of the home and blended it into its natural surroundings. The heavy use of stone in the large fireplaces, huge exposed beams, Spanish tiles and century-old hardware that was forged on site, takes one back to gentler times when life was slower and each day meaningful.

With a total of 5,481 square feet between the main house and three guest cottages, the estate contains nine bedrooms and nine baths. The main house consists of four bedrooms, four baths and includes large spaces for entertaining. The kitchen also has its own stone fireplace for coziness as well as for the serious cook who enjoys having the ability to cook over a Tuscan-styled grill. In addition to the three guest cottages are a carriage house, swimming pool and spa, horse stables and barn, blacksmith’s shop, four-car garage, acres of pasture and organic gardens.

Reese Witherspoon's Ojai ranch that was the setting for Shangri-La in Lost Horizon sold for $4.98 million. Originally listed at $10 million, she realized a 14 percent loss from her 2008 purchase price of $5.8 million.

Source: www.latimes.com