According to the Wall Street Journal, the purchase is “highest known price paid for a single-family home in the U.S.” and is a sharp contrast to the median home price in the U.S. which hits at $177,200 (at this writing), and even above Los Altos Hills home values that are presently a whopping $2,o64,000. The sale was first reported to be $70 million by TechCrunch, which is still a remarkable price.
Milner’s new 25,500-sq ft home in Los Altos has views of San Francisco and is within driving distance of many Silicon Valley tech companies, including one of Milner’s investments, Facebook. But despite his new purchase, the 49-year-old founder of Digital Sky Technologies (DST) doesn’t plan on moving to California anytime soon. His primary residence is a home in Russia that he shares with his wife and two children.
The limestone 5-bed, and 9-bath house, pictured below, sits on 11 acres and includes indoor and outdoor pools, a full wine cellar, and outdoor tennis court. Previously owned by Fred Chan, founder of ESS Technology, and Chan’s wife Annie, this enormous piece of Los Altos Hills real estate was designed in 2001 and completed around 2009. The home was never publicly listed for sale, and Chan reportedly accepted a $50 million note on the house. The Chans currently reside in Hawaii.
While the purchase won’t create a jump in normal home sales, it may be an indicator of a rebound in the luxury home market. This should give hope to Candy Spelling, who listed the Spelling Manor for a whopping $150 million in March 2009. Although only 4.7 acres, the Spelling Manor lists 56,500 square feet of “elegant living” including a billiard room, two-lane bowling alley, and arcade room as well as indoor and outdoor pools.
See other notable homes:
> Top 10 Most Expensive Homes on Zillow (2010)
> Homes of Titans Who Rule the Tech World
> Once Sold For a Million (or More), Some Homes Now 50 Percent Off