A $20 million Silicon Valley mansion that was up for sale for crypto has gone into bankruptcy for a second time, The Real Deal has learned.
The property, located at 10718 Mora Drive in Los Altos, sits on the edge of a 4,000-acre nature preserve called Rancho San Antonio. The entity that owns the property, Mora House One LLC, filed for Chapter 7 bankruptcy protection on Monday, according to public documents in California’s Northern District court.
This is the second bankruptcy petition filed for the property. In October 2022, the LLC that owns the mansion went into Chapter 11 bankruptcy. In December, a judge approved the reorganization plan for the entity.
The home, also known as the Mora House, currently holds the distinction of being the most expensive residential listing in Los Altos, a wealthy enclave in Santa Clara County. It was first listed in February 2022 with an asking price of $24.5 million. At the time, prospective buyers had the option of paying for the 9,700-square-foot home with cryptocurrency.
The owner of the property, investor Melvin Vaughn, is a former fire chief who dabbled in residential real estate development, according to a previous report from Mansion Global. He has owned the site since 2006. The property went into foreclosure in 2020. However, an entity tied to Vaughn bought the property back for $12.5 million in September 2021. Vaughn could not be reached for comment.
In the bankruptcy petition, Vaughn declares the value of the LLC’s assets at between $10 million and $50 million. Liabilities were in the same range.
The mansion, which was designed by San Francisco firm Swatt/Miers Architects, is a six-bed, 11-bath home that was built in 2016. It sits on a 1.3-acre lot and was marketed along with an adjacent parcel with 1.4 acres of buildable space.