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businessinsider - 14 days ago

A $16.8 million Silicon Valley mansion in the Palo Alto neighborhood where Facebook CEO Mark Zuckerberg lives hasn t found a buyer in 6 years — take a look inside

Nestled within an elite enclave in a premiere Silicon Valley neighborhood is a five-bedroom $16.8 million mansion for sale. The three-story Italianate-style villa at 51 Crescent Drive sits in Palo Alto s Crescent Park district, where Facebook CEO Mark Zuckerberg owns a 5,000-square-foot home that he bought for $7 million in 2011. The $16.8 million villa has lush gardens, a pool, a hot tub, and beautiful bay windows on a half-acre of land. It landed on the market in April 2019, but it s not the first time it s done so. In fact, it s been on and off the market since 2013 and has yet to find a buyer. But Coldwell Banker realtor Joel Goodrich told Business Insider that this is what s called a discretionary sale. The owners don t have to sell just yet, Goodrich said, so they re waiting for the right timing and the right buyer to take them up on their $16.9 million price tag, well above Crescent Park s median real-estate value of $4.5 million. Take a look around the stunning estate. Visit Business Insider s homepage for more stories. SEE ALSO: No one wants to buy this $6.5 million century-old church-turned luxe townhome once owned by a tech CEO in San Francisco — take a look inside On the edge of one of the most exclusive enclaves of Silicon Valley s premiere Palo Alto neighborhood is a luxurious villa listed for sale for $16.8 million.

It s within walking distance of the lively University Avenue, filled with restaurants and shopping, and in close proximity to some of the biggest tech companies in the region, like Google and Facebook. Source: Realtor

The mansion and its guest house sit on a lot that s considered large by Palo Alto s standards, Goodrich said. It s roughly half an acre of land. Source: Joel Goodrich Luxury Real Estate

It has five bedrooms, six bathrooms, a guest house, a pool, and lush gardens — basically, its description as a glamorous Italianate-style villa with elaborate outdoor-indoor living is warranted. Source: Joel Goodrich Luxury Real Estate

It really feels like an estate in the middle of Palo Alto, Goodrich said.

And yet, it s been on and off the market since 2013 without a buyer, according to public records. Source: Zillow

The home was built in 1927 by famed Palo Alto architect Birge Clark, and the current owners bought it sometime in the early 2000s, Goodrich said. Source: Zillow

An extensive renovation was orchestrated on the property around 2009, which included the addition of bay windows to allow more natural light into the home, according to Goodrich. Source: Zillow

The owners first listed the home on the public market for $12.8 million for two months in 2013 before the listing was removed. Source: Zillow

Then, in April 2017, it popped back on the market again, this time for $17.8 million before being removed that December. Source: Zillow

And in May 2019, it made an appearance again for $16.8 million. Source: Zillow

Six months in and the opulent villa is still waiting patiently for a buyer, after a $1 million price cut and years of being listed without a sale.

But Goodrich said that doesn t mean there s anything inherently wrong with the property.

This can actually be standard with luxury market listings, especially with a lot of them being discretionary sales — meaning there s no rush to sell, Goodrich said.

The owners may be ready to move on, but they don t have to sell and they re just waiting for the right timing and the right buyer, Goodrich said.

That also means they don t have to necessarily be worried about the high price point, despite it being well above Crescent Park s median home value of $4.5 million. Source: Zillow

In the luxury and ultra-luxury market, you re not going to underprice, Goodrich said.

Outside of the luxury real-estate market, with homes in a lower price range, a slight price cut can be a selling point, he said. But not with luxury listings.

It s not like a $5 million house that you underprice and you get a lot of offers, Goodrich said.

And so the home will likely find its new owner in the ultra-deep-pocketed variety.

We have been showing it to a combination of international buyers from Asia, and then we have the usual local tech suspects who want something more traditional on a grand scale, Goodrich said.

And more traditional-looking the home may be, compared to the popular minimal and modern aesthetic found in many other Silicon Valley listings.

But a lot of those other listings don t have the kind of sought-after location that this one does. View the online listing for the home here.

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