Luxury homeownership could be within reach as a new mansion in Montecito, California, is being offered with a co-ownership model, giving buyers the chance to own a part of the high-end home.
Costing $1,499,000 for a one-eighth share, the six bedroom mansion is on a one acre lot complete with swimming pool, six bathrooms and hot tub.
The home is listed by Pacaso, a real estate company co-founded by Austin and Zillow founder Spencer Rascoff to modernize the concept of co-ownership.
“At Pacaso, buyers shop from a curated set of vacation-home listings on our marketplace. The company manages everything for its owners—from designing the home and handling scheduling to taking care of household maintenance, upkeep, and repairs—making homeownership as seamless as possible,” Pacaso CEO Austin Allison told Newsweek.
Pacaso co-ownership allows multiple buyers to divide time at the mansion. With a 1/8 share, you and seven other co-owners would jointly own the property. This share grants you around 44 nights per year, with scheduling managed through Pacaso’s app. Owners can hold up to six advance stays at a time.
This shift toward co-ownership is gaining momentum, fueled by a growing desire for luxury living with a lower price tag. “We’re witnessing a rising trend in vacation home co-ownership,” Allison said. “The persistent strong demand fuels our dedication to expanding destinations. We expand and choose new Pacaso markets based on buyer demand—our buyers help us determine which homes to purchase and where.”
Forbes Magazine consistently ranks Montecito among the wealthiest neighborhoods in the U.S., and it is well-known for its star power, with neighbors like Oprah Winfrey, who owns a 23,000-square-foot mansion with koi pond, tennis courts and multiple orchards. It is also home to Prince Harry and Meghan Markle who own a Mediterranean-style mansion with nine bedrooms, 16 bathrooms, a rose garden and tea house.
While the co-ownership model does make things more affordable, this isn’t the only reason it has become more popular. According to a 2024 report from Pacaso, there’s been a 21 per cent increase in co-ownership across several counties in states like Colorado and Virginia, and Opendoor also reported that a quarter of first-time home buyers did not purchase their house with a significant other but rather looked to friends (11 per cent), siblings (7 per cent), colleagues (3 per cent), and even people they met online (3 per cent).
Traditionally, vacation homes often sit empty for much of the year. Pacaso’s approach aims to ensure these properties remain active, benefiting both their owners and the local economy.
“Co-ownership fosters responsible use of vacation properties,” Allison said. “Families are realizing that a vacation home sitting vacant most of the year isn’t ideal for anyone. Pacaso’s co-ownership model allows you to align your ownership with your usage. You can share the property with other like-minded families, ensuring the home is cared for and contributes more consistently to the local economy throughout the year.”
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