Microsoft cofounder Paul Allen has purchased an 8-bedroom, 8-bath mansion in Atherton, the nation’s most exclusive Zip code, for $27 million.
The scenic Silicon Valley town ranks No. 1 on FORBES’ recent list of America’s Priciest Zip Codes. Allen, who has a net worth of $15.8 billion (No. 26 on latest Forbes 400), lives full-time in Seattle’s ritzy Mercer Island. But when he’s in Atherton he’ll be joining six FORBES billionaires, including Google Chairman Eric Schmidt, HP chief Meg Whitman, and brokerage magnate Charles Schwab. In addition to the Valley’s tech tycoons, the ultrarich from China and India are also moving in to this area, with buyers from Mainland China now comprising about 20 percent of the luxury demand, according to Ken DeLeon, a top broker in the area.
“There’s so much wealth being created in Silicon Valley that these kind of prize lots are rising rapidly,” says DeLeon. ”Paul is not my client, but I have a very high-profile client who came close to buying that same property. I’m actually sending out letters to people who own a two-acre estate, hoping they’ll sell. People are so desperate that we’re proactively getting out there–some of these lots are going for $20 million without the home.”
Silicon Valley’s tech boom continues to push the luxury market into overdrive. The median price of the 50 single-family homes listed for sale this summer in the 94027 Zip code was $6.67 million. The most expensive home–still on the market, should you wants to make an offer –was priced at $33 million. The cheapest was a 1,194-square-foot, two-bedroom bungalow on a 6,000-square-foot lot, with a $1.2 million price tag.
Allen’s new digs are situated on 1.97 acres and include a pool and a guest house. The 22,005-square-foot main home has six bedrooms, six baths, a spa, a theater and seven fireplaces. The guest house has two bedrooms, two baths, a kitchen and a five-car garage. Trulia is reporting that the home was purchased through a family trust and that the deal closed Nov. 12–and that his purchase price of $27 million was well under the $31.8 million ask.
The style of the mansion is on trend with the move toward contemporary design, says DeLeon. ”This house is not a traditional Mediterranean- or Italian-style home. That kind of McMansion is becoming passe. People want something more contemporary. This one really is–walls of glass, very bright.”