Craig McCaw Sells $12.2 M Montecito Estate to Gary Newman

What do these two communication industry titans have in common? As of now this ocean front Montecito Mansion. These properties are highly desirable and rarely sold off, when they are, they don’t last long on the market.

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McCaw bought the property for $8.3 million exactly 10 years ago, and made plenty of renovations in that time. The 5 bed, 6 bath is subtle in all ways aside from its location right outside of Santa Barbara California.

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If you aren’t already aware, McCaw is a cellphone pioneer and telecom Billionaire who has set the record for most expensive car ever sold when he paid $38.1 million for a 1962 Ferrari 250 GTO. Meanwhile, Gary Newman is a former CEO of Fox Television group, who stepped away after contributing to its massive success in the last few years.

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