Spec home developer slashes asking price on Woodside estate by 42%

A Woodside compound isn’t going to fetch the $110 million it first listed for back in February.

The home was the Bay Area’s most expensive listing when it hit the market, but after two price cuts, it’s now being offered at a 42 percent discount.

The three-acre estate at 890 Mountain Home Road is now listed at $64 million and features a two-story main residence and five additional buildings. The property is owned by Atherton-based couple and spec home developers Rafi Bamdad and Kathy Nabavi, who acquired it for about $6.8 million in 2018, title service records show. The project involved tearing down a 1950s-era main residence, guest house and pool, Compass listing agent Scott Dancer told the Wall Street Journal in February.

Compass’ Scott Dancer

Dancer worked with his client to reduce the price in March to $84 million and then again in May by another $20 million, according to the brokerage’s website.

The main house has five full bathrooms and bedrooms and three half-baths. A separate guest house includes two bedroom suites. The entire compound is nearly 19,000 square feet.

Neither Dancer nor Bamdad responded to calls and emails from The Real Deal.

It’s unclear why the property’s ask has dropped this significantly so quickly, although softening luxury homebuyer demand could be a factor. Luxury home sales were down between 31.5 and 35 percent in the San Jose, San Francisco and Oakland metropolitan areas during the three months ending April 30, according to a June Redfin report.

Bamdad’s decision to reduce the estate’s initial ask by 24 percent less than a month after it first listed could indicate he was testing the market.

The estate sits across from the longtime home of Oracle co-founder Larry Ellison and less than two miles from nearly 20 other billionaires, according to Dancer.

Despite two price changes, the property is still the Bay Area’s second-most-expensive home listing, according to Zillow. A 74-acre Green Gables estate at 329 Albion Avenue in Woodside, roughly two miles north of 890 Mountain Home Road, tops the list as the area’s priciest pad. The property’s owner, the Fleishhacker family, listed it last year for $135 million before relisting it in May for $125 million, according to Zillow.

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Here’s a sneak peek at a $110M Woodside estate across the street from Larry Ellison