(Well, I am more familiar with the Western side, around Goleta.)
Click either picture to zoom in. See more better pictures here. A cool visual tour in Flash (incl. interior and music).
Because it was the 7th most expensive Montecito real estate sale of 2009 and the price exactly agrees (much like other details), it was not hard for your humble correspondent to find the address:
1504 East Mountain Drive, Montecito, CA, 93108 (Google Maps)The ocean-view villa located next to the famous San Ysidro Ranch (map) on 1.5 acres and built in 2002 has a swimming pool, spa and fountains, a real estate source familiar with the deal confirms. The Italian-style house also has six fireplaces, five bedrooms, nine bathrooms, a guest house including a large entertainment/game room, full length loggia, and a wine cellar.
I am sure that e.g. the six fireplaces are running in reverse, consuming CO2 and creating wood. :-)
See also Al Gore's mansion in Nashville, TN which eats 20 times more electricity than the average household.