Estimated $100 Million Home Sale Places Spotlight on Real Estate in Los Altos Hills

Last week’s report of the record-setting real estate deal between a Silicon Valley bigwig and a Russian billionaire for an estimated $100 million in Los Altos Hills has put the 9,000-population town in the national headlines.

It also surprised many who live in the area. Los Altos Hills has been proud of its rural, easygoing roots, which have been in transition with the influx of more monied residents. As much as we know the value of our neighborhoods, a $100 million-dollar home exceeds the imagination of most—and it's pegged as the priciest single-family home sale in America.

What does that look like? The architect who originally designed the home for Fred Chan and his wife, Annie, told the Wall Street Journal that there was "no budget" for the 18th century French chateau-inspired mansion, which includes tennis courts, car wash, indoor and outdoor swimming pools, wine cellar and ballroom, taking up a tidy 25,000 square feet.

Los Altos Hills is one of the wealthiest towns in America. Yet, "home compounds" in the 20,000-square-foot range are rare enough that the handful that have been built have raised eyebrows and caused civic concern that the town could end up with future "white elephants." 

In reality, homes in Los Altos Hills are much more modest than the $100 million that the Journal reported was paid by Russian investor Yuri Milner, founder of Digital Sky Technologies. Of course, to 99.9 percent of Americans, there is nothing modest about owning a $2.2 million home, which was the median home price of Los Altos Hills in February. Much of the action in very high-end luxury properties, however, is generally acknowledged to take place in communities such as Portola Valley or Atherton. 

Between $2.2 million and $100 million, where do the values of most Los Altos Hills homes fall? To satisfy my own—and maybe your—curiosity, I pulled from the MLS the 10-most expensive homes sold in Los Altos Hills since 2000.

There's one important caveat. They aren't likely to actually be the most expensive homes sold. That's the thing to remember about homes selling in the highest strata: The sales price is usually nowhere to be found on the MLS, the multiple listings service in which most real estate brokers participate.

These types of home sales are made "off market," when an agent representing a seller makes it known to his or her network that a property is for sale, and buyers who want discretion also rely on a representative to find an appropriate property through networks. But here's some perspective: In Los Altos Hills and Los Altos, high off-market sales prices talked about have been in the $25-or-$30-million range. 

When bypassing the MLS, the agreed-upon sales price never appears on a publicly visible database. Once the sale is made, don't expect to find the sales price reflected on the deed at the county recorder's office, either.

"It's called California Revenue and Taxation Code 11932," said Vic Sharma, the head of the Santa Clara County recording division. Colloquially, in the recorder's office, it's known as "a confidential," a request to keep the transfer tax amount off the deed, and thus obviate the ability to calculate the sales price from the tax.

Anyone has been able to request a confidential since 1959. You needn't be a billionaire foreign investor or Donald Trump. If you don't want people to know how much you paid for your one-bedroom condo next to the landfill, you have as much access to a confidential as Yuri Milner does.

The tax, of course, is recorded by the county—which needs to get paid—but once it's logged in, an employee in the recorder's office can't see it nor retrieve it. "I'm not interested, no—it's not my money," Sharma said.

"There's a lot of speculation on the price, and that's all I can say." 

So here are the top-10-highest sales prices paid for Los Altos Hills properties, with the usual MLS admonition that the information is deemed reliable but not guaranteed. Remember that the highest visible price of a home sold in Los Altos Hills can easily be lower than that of a non-public, off-market sale in Los Altos:

 1. 13902 Campo Vista Ln.—sold for $14.8 million (2007)

Topping the list is a 6.89-acre property with views of the Bay and the mountains around. The house sitting on the lot has only two bedrooms with 2000 square feet. Obviously, the value was in the land.

2. 25751 Elena Rd.—sold for $12 million (2006)

This newly constructed Mediterranean estate, sitting on a 2-acre lot, has six bedrooms and 8½ baths with 12,000 square feet of living space. Other amenities include a game room, an exercise room, a wine cellar, a pool and a detached cabana with its own kitchen.

 3. 25810 Vinedo Ln.—sold for $12 million (2005)

This 4-acre, private gated estate has five bedrooms and eight baths with a stunning formal entry, a designer’s kitchen, two offices, a home theatre and an exercise room. Besides more than 12,000 square feet of living space, it has its own vineyard inside the estate. (This home is listed for sale now for $14.99 million.)

 4. 12775 Viscaino Rd.—sold for $12.7 million (2004)

This 7,000-plus-square-foot-home sits on a 2.36-acre lot with six bedrooms and seven baths. Additional features include a guest house, a tennis court, a pool and a pool house.

 5. 12638 La Cresta Ct.—sold for $12 million (2000)

This private gated estate is on a cul-da-sac lot. The home has five bedrooms and 4½ baths with more than 4,800 square feet of living space.

 6. 10285 Magdalena Rd.—sold for $11 million (2008)

A gated Mediterranean estate with views of the Bay and city lights, this property has seven bedrooms and 9½ baths. Other dramatic features include a wine cellar, an infinity pool and a cabana.

 7. 26000 Alicante Ln.—sold for $10 million (2000)

This 4,000-plus-square-foot property sits on an acre-plus level lot close to town. It has four bedrooms and three baths, and a tennis court and a pool.

8. 13815 Barton Ct.—sold for $9.95 million (2009)

This gated Tuscan retreat, sitting on an acre-plus lot not too far from the village, was built in 2007. The three-level home has a basement with elevator and handicap access. With more than 7,000 square feet of living space, it has five bedrooms and six baths.

 9. 27241 Altamont Rd.—sold for $9.5 million (2000)

This 6-acre-plus estate, with magnificent bay views, has more than 6000 square feet of living space with six bedrooms and four baths.

 10. 13350 Country Wy.—sold for $9.1 million (2000)

This 2.4-acre estate boosts magnificent views of the wooded hill. The home has five bedrooms with 3½ baths, with close to 6,000 square feet of living space.

—Los Altos Patch editor L.A. Chung contributed to this report.