Photo: Www.BernardAndre.com, Courtesy Michael Dreyfus/Sotheby’s
In the Silicon Valley, where homes prices are famously skyrocketing, it’s interesting when the price on a home goes down.
And it’s especially compelling in the case of a tech mogul’s Los Altos Hills compound that’s now listed for $33 million less than the original asking price.
The house at 27500 La Vida Real first went on the market with a big splash for $88 million in November 15, making it one of the most expensive listings ever in the Silicon Valley. It never sold and the price was then dropped to $68 million last May.
Still without a buyer, the home owned by entrepreneur Kumar Malavalli is now listed for $55 million, showing it was clearly overpriced when it first hit the market.
Yes, the price is still high, but this piece of real estate more closely resembles a five-star resort than yet another Silicon Valley megamansion. In addition to the 20,400-square-foot main home, the property includes an executive center, a bell tower, a six-car garage, a home theater, a wine cellar that holds 4,000 bottles, and a swimming pool with a swim-up bar and retractable roof. Guest suites come with their own patios.
Listing agent Michael Dreyfus of Sotheby’s International Realty said the best materials were used throughout. The main home is filled with rich woods and large windows overlooking the landscaped grounds, which consist of seven different gardens. “Everything is above and beyond,” Dreyfus told SFGATE when the house was first listed. “Very solid and very beautiful.”
“It’s a Californian house,” he added. “Every room has access to the outside—the kitchen, the bedrooms, the living room. They were inspired by that Santa Barbara style.”
Malavalli, who founded Brocade Communications Systems and now leads the venture capital firm VKRM, created this estate when he purchased two adjoining properties in 2004.
The Wall Street Journal reported Malavalli and his wife are now empty nesters and selling the house to downsize and move closer to their grandchildren.