Home builders close a pair of $20M-plus Atherton sales

A pair of Bay Area home builders have closed two Atherton home sales that exceed $20 million, both placing on the upper tier of rankings in the market so far this year. 

The more expensive transaction involves a mansion at 275 Camino Al Lago in West Atherton. The home, a newly built 11,300-square-foot estate, is a “haven of tranquility” that has a total of seven bedrooms and eight bathrooms, according to listing sites. The home changed hands in a $29 million deal, the second-priciest in the wealthy enclave of Atherton so far this year, according to Zillow.   

The seller is Palo Alto firm NexGen Builders. The firm first listed the mansion in March with an asking price of $34.5 million, a Redfin listing shows. The transaction closed on June 10. NexGen acquired the property in May 2022 through an $11.5 million deal. 

The buyer is a shell company called Stellar Prosperity, which has the same Milpitas business address as Luxshare Tech. Luxshare is affiliated with a Guangdong, China-based telecommunications supplier that manufactures Apple products such as iPhone and AirPods. The entity is managed by Mandy Yang.    

The other transaction involves Menlo Park-based firm Abergel Homes. The firm, headed by Nathalie Cowan, sold 84 Stockbridge Avenue, a 10,000-square-foot estate in central Atherton, for $23.8 million. The Agency’s Patricia Karoubi told The Real Deal in May that the property went into contract less than a week after it came on the market with a $24 million asking price. At the time, Karoubi attributed the pace of the deal to the home’s location. 

“It’s a big number for Stockbridge because it’s not a sidestreet,” she said. “It’s a good street, but I wouldn’t say it’s the quietest street.”
The most expensive home sale in Atherton so far this year is Gap co-founder Doris Fisher’s $48 million sale of her long-held 6-acre family estate. The transaction reportedly ranks as the priciest home sale in Atherton in the past five years.