Russian billionaire Yuri Milner, a key stockholder in new media social networking and marketing companies like Facebook and Groupon, has added a new high profile investment to his portfolio.
Mr. Milner, a 1990s graduate of the Wharton School of Business, is officially the proud new owner of the most expensive home in the United States.
The $100 million property, located in Los Altos Hills, California, in Silicon Valley is a true marvel. The French-inspired chateau measures a staggering 25,500 square feet, replete with all the amenities that a young mogul (Milner is just 49 years old) and his family could desire.
Here's a short list of the property's fantastic features:
This list might have you wondering if Milner purchased a home or a luxury hotel, but believe it or not, with all that space, the property has a mere five bedrooms. In other words, this could be the most expensive five-bedroom home sale ever.
- Indoor and outdoor pools
- Full-size ballroom
- 18-acre hilltop site with panoramic views of the San Francisco Bay
- Home theater
- Full-service spa and gym
The Wall Street Journal notes that the luxury purchase stands in contrast to the fortunes of middle-class home sellers. While the affluent market has not been immune to falling prices, we already know that the sector is far more insulated from the kind of turbulence that the majority of homeowners have experienced.
The Journal quotes Cristina Condon, a real-estate agent at Sotheby's International in Palm Beach, Florida as observing, "The crummy real estate market is not in the high end. It's only in the lower end and the middle."
The home's previous owners, Fred and Annie Chan, only finished developing the property in 2009. The home was slated to be their primary residence until business recalled the power couple to Oahu, Hawaii, where they own a 5.4-acre, $80 million oceanfront estate. Mr. Chan, the founder of PC audio solutions company ESS Technology, is returning to the islands to oversee additional real estate holdings and an educational foundation.
If you paid $100 million dollars for a spectacular new house, wouldn't you want to move in right away? Here's the kicker: According to Time Magazine, Mr. Milner, who currently resides in Moscow with his family has "no plans to move anytime soon, according to his spokesman." So for now, think of the big behemoth as just as a really nice vacation home.
If you had $100 million to spare, would you buy this estate?
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Ilyce R. Glink is the author of several books, including 100 Questions Every First-Time Home Buyer Should Ask and Buy, Close, Move In!. She blogs about money and real estate at ThinkGlink.com and The Equifax Personal Finance Blog, and is Chief Content Strategist at RealtyJoin.com, a community for real estate investors.