Son buys $117 m silicon valley home

[JeffDTD]

http://www.forbes.com/sites/morganbrennan/2013/01/30/woodsides-117-5-million-estate-is-americas-most-expensive-home-sale-on-record/

 

Recently news broke that a Woodside, Calif. home has fetched an astounding $117.5 million. The nine-acre estate quietly traded hands in November, according to county records, and had never been officially listed for sale. The news had some, like myself, suspicious that a “fat finger” typo was behind the astronomically high number gracing public records. After all, how could this property yield a nine-figure windfall when even the  prized 92-acre Flood Estatetotes a lower price tag of $85 million?After much digging, it looks like that $117.5 million price is correct, according to multiple sources. But the media outlets that ran with this story when it first broke got something slightly wrong: it’s not the second most expensive home sale in U.S. history. Technically, it’s the most expensive on record.The seller of the hilltop estate was Tully Friedman, chief executive of Friedman, Fleischer and Lowe, a San Francisco-based private equity firm. The buyer was SV Projects LLC, a so-called straw buyer entity tied to a Los Angeles law firm used to keep both the privacy and additional assets of the buyer safe. As of yet, the identity of that buyer is unconfirmed, though several Silicon Valley real estate sources suggest an Asian billionaire is behind the shockingly steep sale.Update: Affirming those suspicions, the Los Angeles Times alleges Japan‘s second-richest man, Masayoshi Son, is the super secretive buyer. Worth $7.2 billion by Forbes’estimate, the software scion is no stranger to Silicon Valley, having received both high school and university education in the area. He is the chief executive of telecom giant Softbank, which recently graced headlines after announcing in October plans to acquire 70% of Sprint Nextel for $20.1 billion.While the buyer identity remains unconfirmed, this much is: $117.5 million is the highest price on record ever paid for a single family home in the U.S., ever. It eclipses the $100 million forked over by venture capital billionaire Yuri Milner in 2011 for a Los Altos Hills mansion, which was believed to have been the highest single residential transaction ever recorded for a single family home stateside. It also tops the $103 million paid for an undeveloped 40-acre East Hampton, N.Y. land parcel by billionaire Ron Baron in 2007.

[JeffDTD]

2 things:

-NV just got accelerated on the site (s) serving this area

 

And

 

- Wonder if Son envisions spending lots of time in Overland Park, or if he will try to stay in CA?

[S4GRU]

Woodside is a very nice neighborhood. Very nice.

 

Robert via Nexus 7 with Tapatalk HD

[Rawvega]

Wow, $117M for one residence. It must be nice...

[WiWavelength]

Woodside is the home of many Silicon Valley CEOs and VCs.

 

AJ

[S4GRU]

I used to build estate homes early in my career in California and Nevada. Especially around Lake Tahoe. The most expensive one I worked on was $68M at Zephyr Cove, Lake Tahoe. It would be worth over $100M today.

 

But the problem with really expensive homes like these is that you can never sell them for their full value. Owners always end up selling them for less than replacement value. The reason is, when you're that wealthy, you can afford to build your own dreams, not purchase someone elses. So they have to lower the prices on these giant estate homes to the point where it costs less to buy it than build it. Then it cannot be passed up, because it is a value.

 

At one house I built at Lake Tahoe in 2002, we tore down a $15M house and built a new $30M house in it's place. That was the hardest thing I've ever done in my career. To walk through a house that I would die to have myself, walk out the front door and tell the demolition crew to take her down. I almost cried watching it fall down in front of me. But the new house is so much nicer.

 

Robert via Nexus 7 with Tapatalk HD

[Boosted20V]

I used to build estate homes early in my career in California and Nevada. Especially around Lake Tahoe. The most expensive one I worked on was $68M at Zephyr Cove, Lake Tahoe. It would be worth over $100M today.

 

But the problem with really expensive homes like these is that you can never sell them for their full value. Owners always end up selling them for less than replacement value. The reason is, when you're that wealthy, you can afford to build your own dreams, not purchase someone elses. So they have to lower the prices on these giant estate homes to the point where it costs less to buy it than build it. Then it cannot be passed up, because it is a value.

 

At one house I built at Lake Tahoe in 2002, we tore down a $15M house and built a new $30M house in it's place. That was the hardest thing I've ever done in my career. To walk through a house that I would die to have myself, walk out the front door and tell the demolition crew to take her down. I almost cried watching it fall down in front of me. But the new house is so much nicer.

 

Robert via Nexus 7 with Tapatalk HD

 

Capitalism baby! Or is it creative destruction?

[WiWavelength]

Capitalism baby! Or is it creative destruction?

 

I routinely call it having "more cents than sense."

 

AJ

[Fraydog]

100 MM for a house? Even if I was rich I'd live in a crusty old house I'd modernize somewhat, like Steve Jobs' mansion. Maybe my vice would be a nice car. Maybe. Maybe a SL65.

[WiWavelength]

That house is so big, it is going to require multiple Airaves. Good luck, Son, getting all of those on your account.

 

In all seriousness, though, I am about $117.4 million short of the $117.5 million selling price, but I would not have paid a dollar for that house. From the outside, it really looks rather dowdy. The allure has to be the property and the location.

 

AJ

[S4GRU]

That house is so big, it is going to require multiple Airaves. Good luck, Son, getting all of those on your account.

 

In all seriousness, though, I am about $117.4 million short of the $117.5 million selling price, but I would not have paid a dollar for that house. From the outside, it really looks rather dowdy. The allure has to be the property and the location.

 

AJ

 

Let's pool our assets. That should get us near $117.3M short.

 

Robert

[WiWavelength]

Let's pool our assets. That should get us near $117.3M short.

 

Okay, I got about "tree fitty" to contribute to the cause.

 

And speaking of pool, this house appears to have two of them, though one may be just for decoration.

 

Now, what I want to know is when does the S4GRU invitation to the housewarming party arrive? Of course, we will need to bring some wine or chocolate babka...

 

AJ

[S4GRU]

Okay, I got about "tree fitty" to contribute to the cause.

 

And speaking of pool, this house appears to have two of them, though one may be just for decoration.

 

Now, what I want to know is when does the S4GRU invitation to the housewarming party arrive? Of course, we will need to bring some wine or chocolate babka...

 

AJ

 

I wonder if he'd like my vending machine bento box that I washed out and took home with me? That would be classy, huh? He can hang it in his Foyer and point to it when people walk in the door and tell them that Robert of S4GRU once ate out of it. You can still see the Udon noodles staining on the bottom!

 

Robert

[WiWavelength]

I wonder if he'd like my vending machine bento box that I washed out and took home with me? That would be classy, huh? He can hang it in his Foyer and point to it when people walk in the door and tell them that Robert of S4GRU once ate out of it. You can still see the Udon noodles staining on the bottom!

 

The used bento box is a good idea, but judging by the stately appearance of that house, I think that Son might prefer a chicken bone chandelier. You probably have at least one of those that you can spare, right?

 

http://www.comedycentral.com/video-clips/g544ez/chappelle-s-show-dave-on-mtv-cribs

 

AJ

[S4GRU]

The used bento box is a good idea, but judging by the stately appearance of that house, I think that Son might prefer a chicken bone chandelier. You probably have at least one of those that you can spare, right?

 

http://www.comedycen...ve-on-mtv-cribs

 

AJ

 

I'm glad I'm at home today and didn't play that one at work.

 

But I do have chicken bone chandelier envy now.

 

Robert

[briank86]

Let's pool our assets. That should get us near $117.3M short. Robert

 

As a group we couldn't even afford the property taxes.

[JohnHovah]

Woodside is a very nice neighborhood. Very nice.

 

Robert via Nexus 7 with Tapatalk HD

 

 

Sounds like it's time for an S4GRU housewarming field trip to Son's house. I will bring the top shelf liquor and grey poupon.

[S4GRU]

 

 

Sounds like it's time for an S4GRU housewarming field trip to Son's house. I will bring the top shelf liquor and grey poupon.

 

"Get crazy with the Cheese Whiz!"

 

Robert via Samsung Note II via Tapatalk

 

 

[Bob Newhart]

Woodside is a very nice neighborhood. Very nice.

 

Robert via Nexus 7 with Tapatalk HD

 

For that money, you could build your own neighbourhood.

[JohnHovah]

For that money, you could build your own neighbourhood.

 

Ok ok ok ... yeah.. i will sprinkle your cookies with google fiber

[S4GRU]

 

Ok ok ok ... yeah.. i will sprinkle your cookies with google fiber

 

Sounds dirty when you say it.

 

Robert via Samsung Note II via Tapatalk

 

 

[JohnHovah]

Sounds dirty when you say it.

 

Robert via Samsung Note II via Tapatalk

 

Robert, I'm sure if we all eat enough Google Fiber we will likely soil ourselves anyway! And you can take that all the way to the softbank! awww crap.. it isn't even punday yet

[WiWavelength]

Robert, I'm sure if we all eat enough Google Fiber we will likely soil ourselves anyway! And you can take that all the way to the softbank! awww crap.. it isn't even punday yet

 

Based on this post and a previous one, it sounds like John intends to leave some "grey poupon" in one of Son's toilets. Just please do not "upper deck" it.

 

 

AJ

[JohnHovah]

For the price of the house, I imagine the toilets provide a full body massage all while a soothing Majel voiceover inquires as to ones particular mood and automagically adjusts the configuration of the lights, ambience, and soundscape of the "facilities". She will then monitor your vitals and brainwaves while using said facilities to make it the most pleasant toileting experience of your life. With that said, I think we all would want a heaping helping of Google Fiber in our lives.

 

 

In other news, I think we might have to make a post on how much house we believe Son got for $117m and let our (edit) fertile imaginations become pregnant with all of the possibilities.

[WiWavelength]

For the price of the house, I imagine the toilets provide a full body massage all while a soothing Majel voiceover inquires as to ones particular mood and automagically adjusts the configuration of the lights, ambience, and soundscape of the "facilities". She will then monitor your vitals and brainwaves while using said facilities to make it the most pleasant toileting experience of your life. With that said, I think we all would want a heaping helping of Google Fiber in our lives.

 

Just be careful not to get too comfortable in that bathroom, John...

 

 

AJ