California ranch listed for $109 million sells for $22.55 million at auction

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The Rancho Cariñoso horse ranch in California sold at auction for $22.55 million. It had previously been listed for $109 million, indicating a substantial drop in final price. The 4.2-acre property features equestrian facilities and nearly an acre of private beachfront. The sale highlights a significant gap between the seller's initial valuation and the market's actual valuation.

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