Reese Witherspoon Sells Ojai Home at a Loss
By Erika Riggs
The third time was the charm for Reese Witherspoon. She first listed the home for $10 million, but it took three different price cuts — to $8.9 million, then $7.25 million and most recently to $5.9 million — before her Ojai ranch sold for $4,983,500, according to the MLS. That’s a $816,500 loss; Witherspoon bought the home from designer Kathy Ireland for $5.8 million in 2008.
The estate at 915 Del Norte Rd, Ojai, CA 93023 was originally built as a stable for Edward Libbey, the glassware magnate, who is also considered to be the founding father of modern Ojai, now a popular getaway spot. Libbey commissioned celebrity architect Wallace Neff to build the home.
Following Libbey, “Ghostbusters” actor and director Harold Ramis owned the home and sold it to Ireland, who completed a full remodel on the house.
When Witherspoon bought the place in ’08, she added her own touches, but retained the rustic character of the home — leading to two magazine features in “House Beautiful” and “Elle Decor.”
Sitting on 7 private acres, the ranch has a 4-bed, 3.5-bath main house as well as a barn, horse stables and carriage house. The grounds include an organic garden, pastures and a swimming pool. Witherspoon and her husband Jim Toth married on the estate’s grounds in March 2011.
Ojai is a popular celebrity retreat — John Krasinski and Emily Blunt bought an eco-friendly home there in October 2012 — and it was even rumored that Robert Pattinson hid out at Witherspoon’s ranch to avoid the paparazzi after he broke it off with Kristen Stewart.
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Source: Zillow Blog