The 2.5-acre Atherton property sold for $25 million, making it the largest real estate deal in the nation’s most expensive ZIP code this year.
real dealerreported the sale on May 2, saying the price was “over $20 million, according to listing agent Michael Repka of DeLeon Realty. ”
A mysterious buyer bought the grassy woodland at 75 Isabella Avenue, SFGate reports. The seller appears to be the San Francisco subsidiary of British Virgin Islands-based Mighty Winner Development, which bought the property in 2012 for $15 million.
Empty lot near prestigious Menlo school Listing price $26.6 million Started in April last year.
It went into escrow on April 15, the second “premium buildable lot” that Repka has sold this year for more than $20 million, he told real deal.
The size of the lot raised the question of whether the buyer planned to subdivide it into two smaller lots. But Repka told SFGate that creating two smaller properties was not on the horizon.
“It is my understanding that the buyer intends to build a very grand estate on the property,” he told SFGate in an email.
Repka also represented 43 San Diego Avenuea nearly century-old six-bedroom, five-bathroom home on 2.5 acres, sold in January to the Menlo Park-based Pacific Peninsula Group for $25 million.
Before Repka confirmed the sale of the land, it was Atherton’s biggest known property deal of the year.
The 75 Isabella Avenue lot is close to Menlo Park, Stanford University and the Menlo Circus Club, an exclusive country club just a few blocks away.
The median home sale price in the neighborhood is $7.9 million, according to the annual PropertyShark report. Nearby homes in similar lots typically sell for more than $20 million, according to Redfin.
A 1-acre property and a 1960s house at 150 Isabella sold late last month for just under $11.2 million.This deal suggests that $10 million an acre may be the going rate in the country most expensive zip code.
— Dana Bartholomew