Silicon Valley Home Sells for $56 Million After Price Cuts

A Silicon Valley estate just sold for $56 million.

Venture capital investor Bandel Carano and his wife Paula sold the Portola Valley property, at 20 Meadow Lane, after significant price cuts, the Wall Street Journal reported.

The couple bought the site in 2013 for nearly $13.7 million and listed the home for sale in February for $85 million; the asking price recently fell to $65 million.

The price for the 12,300-square-foot property amounts to $4,552 per square foot. The nearly 12-acre estate is known as Villa del Prato.

The unnamed buyer lives in San Jose and had been looking for years, agent Leslie Bauer of City Real Estate told the outlet.

The Caranos bought the nearly 12-acre property from the family of late San Francisco real estate mogul Walter Shorenstein. They tore down a home and poolhouse to build the home they named Villa del Prato, finishing it in 2021.

The estate has an unfinished building spanning about 5,100 square feet that has a loggia, ballroom and wine cellar. The Caranos arrived at the hefty price tag based on the property’s size, design and level of finish, Bauer told the outlet.

Big-ticket sales are typical in Portola Valley and nearby Peninsula enclaves like Atherton and Woodside.

Last year, tech billionaire Scott McNealy sold his Portola Valley estate with an ice rink and golf course for $36 million after first listing it for $100 million. A newly built home in the town sold for $18.8 million a year ago. In August, tech investor Marc Andreessen offloaded his Atherton home for $27.2 million after listing for more than $33 million last year.

The sales price record for the Bay Area was set not far away in Woodside in September when the 74-acre Green Gables estate sold for approximately $85 million. That property was listed in 2021 for $125 million.

— Chris Malone Méndez