Los Altos Hills Home Sells for $30 Million

A Hong Kong-based buyer purchased a trophy estate in Los Altos Hills after it spent years on the market seeking a far higher price.

Evergrowth Holdings, a British Virgin Islands-incorporated entity tied to Hong Kong-based bank executive Hui Yin Ching, acquired the property at 27500 La Vida Real for $30 million, Mercury News reported, citing documents filed with the Santa Clara County Recorder’s Office. Evergrowth financed the acquisition with a $21 million loan from JPMorgan Chase, according to property records. Yin Ching is the chairperson of China Renaissance bank.

The seller was tech entrepreneur and Brocade Communications co-founder Kumar Malavalli and his wife, Vijaya Malavalli. The couple had previously aimed much higher, first listing the property for $88 million in 2015 before cutting the asking price to $68 million two years later. It was most recently listed in May for $37 million by DeLeon Realty’s Ken DeLeon. Vijaya Malavalli now serves as a partner at venture capital firm VKRM, which has offices in Los Altos and India.

The $30 million buy demonstrates how even marquee Silicon Valley estates have struggled to command the eye-popping valuations common during the last tech boom. Earlier this year, an unidentified Silicon Valley executive purchased an estate in Atherton for $45.5 million, nearly two years after the property hit the market for $55 million and underwent price cuts before selling.

The 21,000-square-foot Los Altos Hills home includes five bedrooms, 12 bathrooms and luxury amenities including multiple kitchens, a 15-seat theater, a wine cellar and an indoor pool with retractable skylights. The 8-acre property also boasts a private vineyard.

The sale could be a sign of the South Bay luxury market regaining momentum, DeLeon told the Mercury News. The listing agent pointed to expectations that a new wave of artificial intelligence and tech initial public offerings could create another class of cash-rich founders and executives, mirroring past Silicon Valley cycles in which IPOs fueled demand for trophy homes.

— Chris Malone Méndez