Joe Lacob, majority owner and CEO of the Warriors NBA team, has purchased a newly built Woodside home for $40 million, according to a source familiar with the deal. The house sits on a 3.3-acre parcel across the street from Oracle CEO Larry Ellison’s estate.
Lacob is friendly with his new home’s developer, Rafi Bombad, the source added, and has lived in a home Bombad built in Atherton since 2007, property records confirm.
Public record shows the new owner as Woodside Holding Trust and Alan L Olsen Trust. Olsen is a CPA and partner at GROCO, which specializes in advising the “ultra-affluent,” including “some of the most influential venture capitalists in the world,” according to the company’s website. Lacob, who was a partner at VC giant Kleiner Perkins for decades, appeared on Olsen’s “American Dreams” YouTube show 10 years ago.
After coming to market one year ago at $110 million, making it the most expensive Bay Area listing at the time, 890 Mountain Road in Woodside took a series of $10-million-plus price cuts and ended up at $48 million by September. Scott Dancer of Compass represented the property until it went off the market in mid-December. At that point, Mary and Brent Gullixson of Compass took over the listing. Both the Gullixsons and Dancer declined to comment for this story.
The final sales price represents a 64 percent discount from the original ask.
Bombad and his wife Kathy Nabavi bought the property for just under $6.8 million in June 2018, according to public record. After they tore down the 1950s-era main residence and guest house, they spent years building nearly 20,000 square feet of interior space across the estate’s main home and other buildings, including a fitness center with a hair salon, a detached office, a two-bedroom guest house, and a “harvest room” for the fruit of the 150-year-old olive trees planted on the property.
The main house has five full bathrooms and bedrooms, three half-baths, and a full swing golf simulator in the basement. Presciently, listing photos show a Warriors game on the big screen TV in the home theater. There is also a 6,000-bottle wine cellar.
The Italian roof tiles on the main home are over a century old and Mediterranean-inspired stone walls and tile roofs are used throughout the property, which also has a heated pool and spa, trellised motor court and outdoor kitchen and dining pavilion. The property was meant to have an “Andalusian farmhouse style,” according to documents submitted to the city of Woodside during the permitting process.
This is the second large property purchase that Lacob and his wife Nicole Curran have made in recent years. In 2019, they bought a $29 million oceanfront Malibu mansion. Lacob had said he was interested in buying the Los Angeles Angels before team owner Arte Moreno announced the team was no longer for sale in mid-January.
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