Home Sells for Record Price

Posted by Cary Porter on Thursday, March 31st, 2011 at 10:26am

[Bigbuy1]

A Russian investor paid $100 million for a 25,500-square-foot home in Los Altos Hills, Calif., which marks the highest price paid for a single-family home in the U.S.

Billionaire Yuri Milner, 49, who heads Digital Sky Technologies and whose investments include Facebook Inc., Groupon Inc., and Zynga Inc., has no immediate plans to move into the French chateau-style mansion and has a primary residence in Moscow.

The $100-million home features views of the San Francisco Bay, indoor and outdoor pools, a ballroom, and a wine cellar.

The high-price purchase is another sign in the growing strength of the luxury real estate market. Sales volume of homes more than $1 million increased nearly 4 percent in February year over year, the National Association of REALTORS® reports. Meanwhile, sales volume for homes priced between $100,000 and $250,000 have dropped nearly 8 percent.

This marks the highest known price anyone has paid for a single-family home. Investor Ron Baron in 2007 paid $103 million for 40 acres of vacant land in East Hampton, N.Y.

Source: “Home Brings $100 Million,” The Wall Street Journal (March 31, 2011)

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