As the most expensive ZIP code in the country, Atherton is well-positioned as the prime address for Silicon Valley’s wealth.
But even within this coveted five square miles of Peninsula residences there are blocks that stand out from the rest, according to Compass agent Butch Haze, who said his new $55 million listing at 88 Tuscaloosa Avenue is on a “Billionaire’s Row” due to the large, flat lots, famous neighbors and low car traffic.
Every house on the leafy two-block street is hidden behind a gate; several lots are in the midst of a major renovation or complete ground-up construction; and two homes sold for more than $30 million in the last few years.
Developer Ali Sadeghi said he was drawn to the address and the 1.4-acre lot when he bought 88 Tuscaloosa back in 2016 for $8.1 million, according to public records. He has built about 10 custom homes in his 15 years as a high-end Bay Area developer, but said the 15,400-square-foot home with nine bedrooms and 13.5 bathrooms is his largest yet.
Over the eight years of development, a lot of people showed interest in the spec property, which he said is “more welcoming” than other luxury new-build construction on the market.
“Northern California Modern is what we like to call it,” he said. “It’s just warmer than what you’d see in a white box, marble floor, L.A.-style Modern house.”
For a look at the $55 million listing, see the accompanying walk-through video.
Event-heavy marketing
For several years beginning in 2021, Sadeghi was locked into a purchase agreement with Zoom CEO Eric Yuan and his wife. Through an LLC, the Yuans agreed to buy the home for $37 million. They sued after Sadeghi asked for more money to complete the project, while one of his backers argued that it was the Yuans’ “significant changes” to the plans that drove up both the costs and timeline of the project, according to court documents detailing the suit and countersuit over the property.
Sadeghi said the parties have gone through an arbitration process and he can now deliver the title to the newly completed home “free and clear.”
“We didn’t come to a final agreement on price and therefore the purchase agreement was canceled,” he told TRD.
The developer initially went with Compass agent Mary Gullixson, who specializes in ultra-high-end Peninsula properties, for a pocket listing of the property this summer. But he switched to Haze’s San Francisco-based team for the broader launch because he “just liked their approach.” Gullixson declined to comment.
That approach includes events at the property, which Haze has dubbed The Atherton, to kick off its first appearance on the MLS. The events range from intimate gatherings of six to 12 higher-ups at private equity and financial services firms to larger parties of up to 25 at a time, said co-listing agent Omar Maissen.
“At the Butch Haze Group, we’re rebels and contrarians and tend to go the other way on things,” Maissen said. “We want to make sure that everybody is qualified, but at the same time, we believe in getting the word out a little bit more than others might and are willing to take some risks.”
The agents even reached out to a tech company that was planning to hold an event at a private club in San Francisco and convinced them to hold their event at the home instead.
“They go back and tell their friends and that helps to spread the word, which is that this is an incredible product that’s also coming at a wonderful time, because there’s an appetite for this kind of product, not only in this region but throughout the country,” he said, adding that only a few markets in the nation, including Bel-Air, Aspen, Miami and New York City, could support a $50 million-plus listing.
“The market for this could easily be someone from San Francisco or from Hong Kong,” Haze said.
“Bring your toothbrush”
The team anticipates that the buyer will likely be someone who: has family living at home, given the nine bedrooms over three levels; likes to entertain, given the home’s five kitchens, including a kitchenette and espresso station in the primary suite, which also has his and hers bathrooms and closets; appreciates an indoor-outdoor lifestyle, given the swimming pool with a Plexiglass wall, ProBounce tennis court and cabana with outdoor fireplace; and needs a high level of security and privacy, given not only the price point, but also the home’s two panic rooms, designed by a security specialist who has also worked for Bill Gates, Haze said. One of the lower-level bedrooms is designed as a separate apartment that would work equally well for an au pair or a live-in security detail, he added.
All these factors add up to a future owner who is probably short on time and looking for a turnkey property, which is why 88 Tuscaloosa is also among the first homes where upscale staging company Vesta Home is unveiling its new for-sale initiative. The main idea is for busy buyers to be able to move into something fully furnished, said Vesta’s Gail Dunnett, a valuable time-saving proposition when you’re talking about filling a 15,000-square-foot property.
“Just bring your toothbrush and your teddy bear and move in,” she said.
But even if those touring the home don’t end up buying it, they can still buy the decor. Every staged room has a QR code that leads to a site selling everything they see, from rugs to furniture to art work. Customized orders are also welcome, Dunnett said.
“The main priority is to sell the home,” she said. “But also we want to have people know that if they see something that’s really cool and they want to buy it, they can buy it.”
Sadeghi said he usually uses his own in-house design team, but appreciated what Vesta brought to the table, not to mention their large inventory able to fill his biggest-ever development. Now he just needs Haze and his team to get it sold so he can move on to the next one.
“I’m working on some things,” Sadeghi said. “I love the Peninsula. It’s a great place. So I’d like to keep going.”
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