Posted by Bharti Jaykumar on Jul 09, 2014 08:50 AM EDT

Norman Pattiz Lists Montecito Home for $15.9 Million

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Norman Pattiz, the famous radio entrepreneur who founded America’s largest radio network Westwood One, has reportedly listed his home in Montecito, Calif., for $15.9 million. (Photo : Sotheby's International Realty)

Norman Pattiz, the famous radio entrepreneur who founded America's largest radio network Westwood One, has reportedly listed his home in Montecito, Calif., for $15.9 million.

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The Real Estalker (via Variety) broke the news of the listing noting that the home isn't being listed for the first time. It was available for $18.45 million for five months in 2012 but was taken off the market, only to come back with a reduced asking price.

Pattiz and his wife reportedly purchased the 2.73-acre estate in 2006 for $17.5 million and considering the list price the Courtside Entertainment Group CEO will take home a loss if it sells for that much.

The home is being represented by Joseph Boudre of Sotheby's International Realty. Records reveal that the main residence spans an area of 9,340 square feet and is comprised of six bedrooms, six full bathroom and two half bathrooms.

Done up in a mix of Spanish and Mediterranean architecture, interiors of the home boast of soaring coffered and wood beamed ceilings, stone tiled flooring and arched doorways.

Some of its exclusive features include a library, a circular dining room, a modern kitchen with a mid rise island and granite counter tops, a media room, a screen room and a wine cellar.

Outside, the home has a casita, fountains, an infinity pool, a separate guest house and a three-car garage. There is a two level pavilion with a loggia and a kitchen as well.

The listing describes the home as:

"This one-of-a-kind masterpiece represents an idyllic union of Spanish and Mediterranean architectural influences, with high quality details and finishes throughout."

Check out the photos of the home here.

Norman Pattiz made his fortune through the radio industry, where he is the king right now. His estimated worth according to celebrity Net Worth is $350 million and holds several power positions in the broadcasting industry.

Talking in an earlier interview with Rain News about how he struck gold with the radio industry, he said:

"We approached the business the way nobody else did. It was pretty much mom-and-pop stores before we got involved. We brought some critical mass and serious resources that we invested in research, metrics, marketing and exploitation of these programs, so they could reach the largest possible audience."

"We're doing a lot of things that would normally be funded by an industry. But since there is no industry, I'm just doing it myself," he added.

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