When Howard Rochestie retired in 2008 from Mercer Advisor, a consultancy firm he founded in 1986, he and his wife, Tracy, went to buy a retirement gift.
The trip took them to Montecito, a suburb of Santa Barbara, California. And they splashed out more than $4.8 million for "a priceless gift"—a four-bedroom, seven-bathroom home with captivating views of the ocean and mountains and close to fine dining, shopping and other lifestyle amenities.
"When I walked through the front door, I immediately fell in love," Mr. Rochestie, 69, said of the property now named Villa Florence.
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The seller back then was Ting Liu, chairman of Asia Link Group and a daughter of Liu Shaoqi, president of China from 1959 to 1967. So the showing of the house was very restrictive, Mr. Liu recalled.
"I’m very blessed to step in her shoes," he said, noting that under Ms. Liu’s ownership, she had the home harmonized by a feng shui expert, and the result is magical, with water features throughout.
The Art Deco-style residence was built in 1939 by G. Lawrence Stimson, one of California’s best-known architects.
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Mrs. Rochestie, a designer herself, embarked on renovations. "She designed the doors, doorknobs, floor finishes and hired an Italian artist to paint gold leaves," Mr. Rochestie said. "It’s really a labor of love."
Over the last eight years, the couple has invited many groups of guests over to the 6,630-square-foot residence. "We hosted lots of entertaining, fundraising events and a wedding ," Mr. Rochestie said.
But they’ve been traveling extensively and decide to part with the home. They put it on the market last weekend for $8.195 million.
The home is truly one of Montecito’s best-kept secrets, said Dina Landi, managing partner at Riskin Partners, which has the listing. "Villa Florence has it all, pedigree, proximity, and pristine views. Most people don’t even realize staggering ocean views like this can exist this close to Montecito's Lower Village," she said.
Take a tour by browsing the gallery above.
Write to Fang Block at fang.block@dowjones.com