Lowe and his wife, Sheryl Lowe, put the Montecito mansion for $47 million about a year ago. As first reported by realtor.com, the couple brought the price down to $42.5 million this week after struggling to sell for the original asking price.
The couple has switched agents and agencies several times but have eventually settled on Eric Haskell of The Agency and Luke Ebbin of Compass.
The house, known as the Oakview Estate, is a 10,000-square-foot villa made in the traditional southern estate style. The Lowes bought the 3.4-acre plot of land in 2006 and had the mansion custom built for them by architect Don Nulty and interior designer David Phoenix.
“It would be impossible to build this home again in Montecito,” Haskell told realtor.com. “It’s a true legacy estate designed for family, friends and memories.”
Lowe first rose to fame in the 1980s after playing Sodapop Curtis in Francis Ford Coppola’s classic coming-of-age film The Outsiders. Many associate him with that role and the plethora of others he’s played over the years on shows such as Parks and Recreation and The West Wing as well as classic ’80s and ’90s flicks like St. Elmo’s Fire, About Last Night, Wayne’s World (the guy you love to hate) and even Austin Powers.
The home, designed specifically to look like the old southern estates Lowe saw during his childhood in Virginia, comes with six bedrooms and 11 bathrooms.
The interior space, also designed by feng shui master David Cho, includes a chef’s kitchen, a wet bar, a library, a gym and numerous fireplaces. The outside also boasts a pool, a tennis court and a two-bedroom guesthouse.
Like many couples, the Lowes decided that their house was too large after their two sons, Edward Matthew and John Owen, moved out. The house is located in a gated community between Los Angeles and Santa Barbara that is also a popular real estate choice among celebrities like Ellen Degeneres and Oprah Winfrey.
“You can host a formal event or gather with small groups in the many inviting indoor and outdoor spaces,” Haskell said. “In our opinion, it’s the ultimate modern-day family compound.”