Opportunity knocks! Located down a charming lane in the highly esteemed Hedgerow neighborhood of Montecito, this ''hidden gem'' is a rare offering, comprised of 2 separate parcels: one 0.6 acre parcel featuring a single-level 4/3 main residence, spacious guest cottage, two car garage, and mature gardens and specimen plantings; plus a 0.65-acre undeveloped parcel with a Montecito Water meter - combining for a spectacular 1.25-acre estate. In the main house, the primary bedroom features a vaulted wood-beamed ceiling, fireplace, walk-in closet, ensuite bathroom, and access to a private brick patio. Centrally located, the living room includes a brick fireplace, parquet floors, and beautiful views overlooking the front and back gardens....... ....The guest cottage, which offers its own living room, kitchen, bathroom, laundry, and trellised patio allows the perfect retreat for visiting guests. Located between the dining and shopping in the Upper and Lower Villages, it is also convenient to the world-class Rosewood Miramar, Four Seasons Biltmore, San Ysidro Ranch resorts, Manning Parks, YMCA, MUS, Laguna Blanca, and Crane Country Day School.