Tech investor and hedge fund manager Philippe Laffont is the new owner of this fine Mediterranean-style estate in Montecito. The Coatue Management founder paid $11.7 million for the property, which occupies a nearly two-acre chunk of sylvan, postcard-ready landscape in the Southern perimeter of the seaside city.

The two homes on the property are flush with period charm. The estate went up in 1924 and the houses, which collectively contain six bedrooms and five baths, feature exteriors in subtly warm stucco accented with the occasional Juliet balcony, a clay tile roof, and creamy moss-green shutters (including a couple of Bermuda-style), plant boxes, and awnings.

The main house might cause lovers of real examples of this period style—and authenticity in general—to swoon, or perhaps inspire them to paint a masterpiece; downstairs are original Saltillo, including a staircase with hand-painted risers and wrought-iron balustrade, adjacent to a magical little living area with a built-in bench and glass doors opening onto the terra-cotta tile patio and fountain.

The rear of the home borrows a long second-floor covered balcony from Monterey Colonial; the balcony looks out over the patio, and is accessible from ground level via an outdoor staircase. Beyond it, a pool clay tennis court, and bocce ball court.

The homes boast wide-plank that looks a lot like pine, as well as a mix of window styles, with sash and casements visible. There are many sets of French doors to illuminate and offer transition, and a double set of Dutch for the guest house master, a contender for finest bedroom on the property.

Laffont’s net worth is north of $2 billion.