A nearly 238-acre ranch in posh Montecito, the hilly enclave in the mountains above Santa Barbara, has hit the market with a price tag of $125 million.

Known as Rancho San Carlos, the property has a roughly 30,000-square-foot main house with 12 bedrooms and 10 full and three half bathrooms.

Its $125 million price tag makes it the most expensive ever to list in Montecito, confirms Suzanne Perkins, one of the listing agents.

The estate has 10 cottages, equestrian facilities, a small office building and about 100 acres of citrus and avocado orchards. With mountain and ocean views, the Monterey Colonial-style house is built around an interior courtyard.

The house has an English-style pub downstairs, accessed by a hidden door—not surprising for a house designed during Prohibition.

Below the pub is an underground badminton court with an observation gallery. The house also has a tower office accessible only from the master suite by an exterior staircase.

The estate also features ample equestrian facilities, including two stables, a 10-stall round barn built in 1928, an 11-stall wood-and-stucco barn, and an 11,250-square-foot covered riding arena built in 1930.

The Rancho San Carlos can be viewed on www.sothebyshomes.com.

Source: PropGOluxury via WSJ