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Not all dream homes are necessarily the most successful. Billionaire Sun Microsystems co-founder Scott McNealy has sold his Silicon Valley home for far less than his asking price. The San Francisco Standard reported that the five-bedroom Palo Alto, California, home sold for $35 million, nearly 65% less than what he asked for it in 2018.
McNealy reportedly purchased the 13-acre lot in the 1980s, but he and his wife Susan didn’t start building the home until 2008. McNealy founded Sun Microsystems in the 1980s, which was later sold to Oracle for $7.4 billion. Over the course of eight years, they spent nearly $11 million to create a highly customized stone and adobe structure. The home is over 21,000 square feet and has all the amenities a billionaire could want, including an indoor ice rink, a gym with a climbing wall, a home theater, and a dance floor. Outside, there’s a pool, spa, and a large pavilion with views of the surrounding hills.
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The home was first listed in 2018 for $96.8 million. It was relisted in January 2020 for $53.9 million and taken off the market in 2022. The sale was done off-market. Real estate agent Deepee Chattha, who had the property listed in 2020, told the San Francisco Standard, “Whoever bought this property got a great deal, even in the current economy.”
Real estate in Palo Alto, one of Silicon Valley’s most expensive cities, continues to climb in price. According to a June Redfin report, prices are up 15.6% year over year, with a median price of $3.6 million. While sales are down 22%, homes sold after just 14 days on the market. The neighborhood is still highly sought after, and homes like the McNealy Mansion are outliers due to their size and scale.
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Positive and Negative Signs for High-End Homes
High-end homes typically take much longer to sell because the buyer pool is much smaller and the homes are often highly customized to the owner. Kanye West recently found a buyer for his beachfront home in Malibu, California, after slashing $14 million off its list price. Realtor.com recently toured some of the most prestigious homes in California that have seen significant price cuts. Casino mogul Steve Wynn slashed $60 million off his Beverly Hills home and still hasn’t found a buyer. Rick and Kathy Hilton had to slash $30 million off their Bel-Air mansion before it could sell.
Not all data is negative and much…
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