Gov. Arnold Schwarzenegger has paid a reported $4.7 million for 25 acres of ranchland in the Rancho Monte Alegre project near Carpinteria, Calif., in Santa Barbara County. The Los Angeles Times’ new “Hot Property” columnist, Ann Brenoff, got off to a great start (running a “Hot Property” item on a weekday? Awesome!) by breaking the story yesterday of the purchase by Schwarzenegger and his wife, Maria Shriver. Indeed, records show that Schwarzenegger’s accountant/money manager, Paul Wachter, has his name on the deed of the Irish Inc Trust, which purchased the land on March 25. Records show that the deal was recorded on March 27. (We’d ask: “Irish Inc Trust?” Why wouldn’t the trust be named “Austria Inc Trust,” in a nod to Schwarzenegger’s heritage? The answer: *Shriver* is the Irish one in the household.) Brenoff reported that the Rancho Monte Alegre project will have just 25 privately owned, estate homesites, ranging in size from 20 acres to 720 acres. She also noted that Schwarzenegger’s homesite allows him to build a home up to 8,500 square feet, but no less than 4,500 square feet. It’s still unclear how soon the Governator intends to act on building anything – or even, whether this estate homesite is for him or is an investment. We previously wrote in great detail about Schwarzenegger’s real estate empire – both past and present – back on March 19, when we broke the story of the $7,800,000 sale of a vacant lot just down the block from Schwarzenegger’s former compound in Los Angeles’ Pacific Palisades area.