January 24, 2013

Woodside Home Sells For $117.5M? Second Most Expensive US Sale?

While never publicly listed for sale, according to public records and SFLuxe, financier Tully Friedman's nine-acre Woodside estate at 360 Mountain Home Road sold for $117,500,000 this past November, a sale which would make it "the most expensive private residence in California, and the second-highest price paid for a home in the United States."

360 Mountain Home Road

In 2008, the adjacent 3.4 acre parcel at 330 Mountain Home Road (the brown patch to the right in the aerial above which has since been developed) sold for $5,500,000, suggesting a rather hefty premium for Friedman's estate, assuming the $117.5M sale price is correct.

The purported premium paying buyer has yet to be disclosed. Tipsters?

Woodside Home Sells for $117,500,000 [sfluxe.com]

First Published: January 24, 2013 8:00 AM

Comments from "Plugged In" Readers

30M seems possible, but 117M?

Posted by: steve at January 24, 2013 8:28 AM

Larry?

Posted by: 48yo hipster at January 24, 2013 9:07 AM

I am available for home-sitting provided there's decent wifi and full access to a wine cellar.

Posted by: lol at January 24, 2013 9:18 AM

It's nice to see a real estate story outside the 7 x 7 bubble and it is a reminder of where a large portion of the money lives: Booming Silicon Valley GDP growth leaves San Francisco behind.

Posted by: 94123 at January 24, 2013 9:43 AM

So that's another $1M/year of Woodside property tax revenue, enough to fund a full time police squad to crack down on bicyclists running stop signs.

That's an interesting $5.5M comp on the adjacent parcel. It makes the sales price of this property seem a little fishy.

Posted by: The Milkshake of Despair at January 24, 2013 10:06 AM

Damn, I was hoping to keep this a secret for a few more months.

Posted by: formidable doer of the nasty at January 24, 2013 10:07 AM

Interesting article,

Except the GDP #s are 1) from 2010 and 2) pooled into a "San Francisco-Oakland-Fremont conurbation" aka Whatchamacallit, CA which is very diverse economically, unlike Silicon Valley. Why not adding Marin County? If we saw the #s county by county, things could be a little different I think.

Posted by: lol at January 24, 2013 10:09 AM

Timothy Cook?

Posted by: Brahma (incensed renter) at January 24, 2013 10:12 AM

And if you look on GOOG maps, interesting to see a vineyard just across the street. Gotta sell some pretty high end wines to justify planting grapes there. Or maybe it was a hella good year and that vineyard is expanding across the street, planning to tear down all the houses and take out the roads.

Posted by: no_ vally at January 24, 2013 11:25 AM

yes, those GDP numbers are both out of date, and irrelevant to San Francisco the city as the MSA includes Alameda, Contra Costa, Marin & San Mateo counties, all of which are very different from SF, and each other. On the other hand, the San Jose-Sunnyvale-Santa Clara MSA is pretty homogeneous

Posted by: lyqwyd at January 24, 2013 12:15 PM

Snarky comments aside, this is a great investment. In a good area like Woodside, finding an undervalued property like this is a savvy move. I'd expect some superficial cosmetic upgrades and a mid-2015 flip in the $240m-$280m range.

Posted by: pvc at January 24, 2013 4:57 PM

It doesn't look that special...at all.

Posted by: inmycountry at January 24, 2013 6:58 PM

How is this not an error? The second most expensive home in the US? This isn't even that nice. You could buy 236 Park Lane, "Villa Eirini" in Atherton for 1/4 the price of this... and probably get the 10+ million in furnishings included.

Posted by: Denis at January 25, 2013 4:47 PM

Uh…Denis, you ever hear that old saying about the three most important things about real estate? Because Atherton isn't Woodside.

Posted by: Brahma (incensed renter) at January 25, 2013 5:00 PM

I kind of agree with Denis, this place seems to be oddly overpriced. Yes, quite different locations with different characteristics. But Atherton has its positives too, mainly that your mansion is a short drive from Menlo and Palo.

While there are folks who prefer Woodside over Atherton there are also people who would never consider living in a place as rural as Woodside.

Posted by: The Milkshake of Despair at January 25, 2013 5:31 PM

I prefer Woodside, but Atherton is still the 3rd most expensive zip code in the country (according to Forbes). Woodside is a lowly 22, so I think the comp is still relevant. I had thought that when I retire from my exhausting job of posting comments on real estate blogs, I might move to Woodside where I could enjoy walks through the coniferous forests and lunches with Michelle Pfeiffer... Guess I won't be doing that...

Posted by: Denis at January 25, 2013 10:41 PM

I heard through real estate circles that the buyer is a custodian at Facebook. Or was it Zynga?

Posted by: frank quinn at January 26, 2013 12:33 PM

@no_vally: Woodside has minimum lot sizes and is not into subdividing or multi-unit construction. So if you have large lot (and you do if you are in Woodside), then you might as well plant a vineyard -- you can't build a condo complex. Also, there is a certain cachet to having a vineyard, and Napa is a long drive away (though not too far by helicopter -- which you also have if you live in woodside :) ).

Posted by: NoeNeighbor at January 26, 2013 3:41 PM

Because Zynga and Facebook are synonymous, right. Hardy har har. 2009 called and it wants your wit back.

Posted by: Jokes at January 26, 2013 4:43 PM

Denis, thanks for the info. I had no idea that Woodside was nineteen places lower on the most expensive zip code ranking list. And Milkshake, I concede that Woodside is a lot more rural, which might be a turn-off for some people.

And while the lesson might be for me to not comment about peninsula real estate, I was more expressing the preference for Woodside and unconsciously assumed that someone in the venture capital or private equity business (another assumption that I made about the buyer of this place) would have the same preference, mainly because it would mean one's mansion is a short drive or ride to Buck’s.

Posted by: Brahma (incensed renter) at January 27, 2013 2:37 PM

From the L. A. Times earlier today, Is Softbank CEO the buyer of $117.5-million Silicon Valley estate?:

Tongues are wagging that SoftBank's billionaire founder, Masayoshi Son, may be the buyer of a $117.5-million estate in Woodside.

No one is willing to go on the record — everyone involved signed non-disclosure agreements. But one real estate source who requested anonymity because he didn't want to jeopardize future business relations said Son bought the exclusive property in the woodsy and very wealthy heart of Silicon Valley.

Son is one of the richest men in Japan. He owns nearly 30% of Softbank and serves as its chief executive.

…It's one of the highest-priced residential sales ever in the U.S., topping the $100-million sale of a Los Altos Hills estate to Russian investor Yuri Milner in 2011. The neoclassical-style house was built in 2005 and was designed by architect Allan Greenberg…The property was purchased in the name of SV Projects LLC.

SV Projects LLC has the same address as law firm Morrison-Foerster’s Los Angeles office. Morrison & Foerster is representing Softbank in its acquisition of Sprint.

Next up, Carlos Slim Helú will buy a place in Atherton.

Posted by: Brahma (incensed renter) at January 29, 2013 7:03 PM

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