Venture capitalists were on both sides of the sale of an Atherton mansion, according to public records.
Jorge Conde, general partner at Andreessen Horowitz, bought the home in the wealthy Silicon Valley suburb from Bryon Deeter, partner at Bessemer Ventures, for $17.2 million.
The home was initially listed for $20 million in September. It was reduced to $18 million in November, and sold on March 21.
The house at 33 Emilie Avenue spans nearly 10,000 square feet and has seven bedrooms and 11 bathrooms. Features of the modern-style home, built in 2014, include a chef’s kitchen, game room, theater, wine cellar and gym.
The grounds of the estate come with an outdoor kitchen, pool, and a pool house. The home was previously purchased for $13 million in 2015.
Conde was named one of the top 35 young innovators in the world by the MIT Technology Review. At Andreessen Horowitz, he leads investments at the cross section of biology, computer science and engineering. Deeter has funded 11 startups that went public, including DocSign and Twilio.
Conde’s purchase continues a buying frenzy in Atherton to start the year. Six sales above $10 million closed in January and February, an indication that the country’s most expensive zip code is on the rebound after the downturn in the latter half of last year.
December sales were down 42 percent year-over-year in San Mateo County, according to Compass data. There was a 56 percent decrease in sales above $3 million in the last quarter of 2022, with the number of fourth-quarter deals tallying to 138.
But this year the data is pointing in an upward trajectory, according to a March Compass report. There were more than 20 sales above $5 million in San Mateo County in February, about double the February 2022 figures.
Sales over $6 million saw an uptick in January, the first since a steady volume decline that began last summer. Atherton had by far the most sales over $7 million out of any San Mateo locale, with 45 between late January 2022 and the same time in 2023.
Read more
Residential
Los Angeles
California dominates list of country’s priciest zip codes
Development
San Francisco
Big price cuts point to more than a lull for luxe in SF
Residential
San Francisco
Slew of pre-spring sales recorded in nation’s priciest zip code