Los Altos Real Estate Blog

head_left_image

Billionaire's Los Altos Hills mansion loses $50 million value?

Yuri Milner billionaire mansion Los Altos HillsThe Santa Clara County Assessor, Larry Stone, has determined that the value of Yuri Milner's 25,545 square foot mansion in Los Altos Hills is worth $50,270,000 - almost exactly half of the price reportedly paid in Spring 2011.  Stone is quoted as saying "He paid more than fair market value."  I disagree.

How does one determine fair market value on a home that is essentially...unique.  While there are plenty of homes across the state with valuations in a similar price range, because the properties are in different markets and geographies it would be nearly impossible to establish an accurate valuation using conventional appraisal methods.  The valuation of a unique product in a market by itself is exactly what the buyer will pay for it - nothing less.

There are so many factors that go into evaluating the market value of a home of this type, beyond the typical parameters.  The materials and craftsmanship far outstrip the typical measures used in other luxury homes.  It's an engineering marvel worthy of whatever price was paid.

The property taxes on the home, based on the $100 million purchase price, would have been $1.2 million and a portion of that would go to local schools.  Districts are all in need of cash so the reduction will be a blow to the Los Alos School District. 

If you have enjoyed reading my blog, please subscribe HERE!

 Want to know more about me?  Just Google Me! 

 

 Bryan Robertson, CEO | T: 650.799.9951 | Email: bryan@catarra-re.com | Website: http://www.BryanRobertsonHomes.com |CA BRE# 01191946 | Catarra Real Estate, Inc  | 171 Main St #220 | Los Altos, CA 94022

 

 

View Bryan Robertson's profile on LinkedIn

 

//

 

Comment balloon 9 commentsBryan Robertson • July 04 2012 03:11PM
Billionaire's Los Altos Hills mansion loses $50 million value?
share
The Santa Clara County Assesso r, Larry Stone, has determined that the value of Yuri Milner's 25, 545 square foot mansion in Los Altos Hills is worth $50, 270, 000 - almost exactly half of the price reportedly paid in Spring 2011. Stone is quoted as… more
Where to see fireworks in Silicon Valley - July 4, 2012
share
There are a lot of places around Silicon Valley to watch fireworks this July 4th. Watching fireworks is a long-standing tradition for many. While the days of the neighborhood fireworks display are gone for most Silicon Valley residents, there… more
July 4th fireworks at Silver Creek Country Club - TODAY 7/3
share
Want to see an epic fireworks display on July 3rd? Silver Creek Country Club has put on their own fireworks show for years and it's on tonight from 5:00-9:30PM (fireworks start after dark). The display is among the best in the area and the view… more
SOLD: 864 Kim Street, Cupertino, CA 95014
share
This home was recently listed and my clients were able to buy it with a pre-emptive offer off market. The sales price was $1, 100, 000 and they're very happy! Wow! Another amazing home in Cupertino at an incredible price. This 1388sf, 3… more
Happy father's day!
share
It takes a lot to be a Dad. All jokes aside about our role in families, we're pretty important. I'm definitely a family man - focused on my wife and kids with a huge degree of devotion. I love being a Dad and knowing that the things I say and… more
Sushi Confidential in Campbell, CA REVIEW
share
Campbell needed a place like this downtown - creative, tasty, and well run. This is NOT your typical sushi place, which is exactly what we need. They've got all the usual rolls and sashimi every other place has but they've also got some of the… more
Los Altos real estate market report May 2012
share
Los Altos continues to be one of the hottest real estate markets in the area even with a slight decline in average and median selling prices in May, 2012. The average dropped to $1, 866, 994 from just over $2, 100, 000 in April - a sharp decline that… more
Filming of the Steve Jobs movie - jOBS - in Los Altos
share
Filming of the Steve Jobs biopic movie, jOBS, started today in South Los Altos at the home he grew up in at 2066 Crist Drive. Security was tight last Friday when this photo was taken as the crews made their final preparations for filming. I'll… more
Facebook IPO - Good for all real estate and not just Palo Alto?
share
The Facebook IPO launches today at $38 per share with high hopes it'll skyrocket in the near future. Most REALTORS and home buyers or sellers feel the Facebook IPO will have a strong impact on the local markets especially Palo Alto, Menlo Park,… more
The Facebook Effect - How the IPO impacts Palo Alto and Los Altos
share
With the impending Facebook IPO, there has been a lot of gossip about what impact it will have on local real estate. I've written about this before but as time moves on, the markets continue to evolve. Two of the hottest nearby markets are Palo… more