San Mateo’s two largest listed ranches sold for more than $8 million apiece.
A 1,300-acre ranch at 3225 Pomponio Creek Road in San Gregorio, which comprises seven parcels, was bought for $8.15 million by an unidentified buyer, the San Francisco Business Times reported. The 624-acre Redgate Ranch, at 3781 La Honda Road, sold for $9.65 million, down from a listing price of $9.85 million.
The Pomponio Creek property, most recently a cattle ranch, was owned by the Arata family, who had farmed the land since the 1920s. Sotheby’s International Realty marketed the property as a private estate, corporate retreat or recreational property for hunting, hiking, biking or bird watching. In addition to ponds and a creek, the property has three homes, five housing units and barns.
Redgate Ranch’s previous owners, Greg and Amanda Jones, bought the land in 1999 and added to the property over the years. In September, it was host to a large benefit concert headlined by Oakland’s Fantastic Negrito.
The current owners have retained two density credits for the property. One will allow two residential building sites to be built within a 25-acre area and the other will allow 15,000 square feet of structures to be built along 10,000 square feet of farm buildings. In addition to the land, the purchase of the Redgate Ranch also comes with water rights from the San Gregorio Creek Water Adjudication Plan.
The land is covered under the Williamson Act of 1965, which allows local governments to restrict certain parcels of privately owned land to agricultural or related open space use. In exchange, landowners get lower-than-normal property tax assessments as they are based on farming and open space uses and not evaluated at full market value.
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