SANTA YNEZ Mountain peaks and rolling hills form the backdrop for the equestrian estate known as Rancho Latigo.

Address: 3420 Brinkerhoff Ave., Santa Ynez, 93460 Listed for: $45 million for six bedrooms, 11 bathrooms in 13,438 square feet (4,674 acres)

Features: Detailed wrought-iron work; swimming pool and spa; horse facilities

About the area: In the 93460 ZIP Code, based on six sales, the median for single-family homes in March was $829,000, down 46.5% from March 2015, according to CoreLogic.

—Neal J. Leitereg