Riverwood Capital co-founder sells Atherton home for $23M

Riverwood Capital co-founder Christopher Varelas has sold his Atherton home in the prestigious Menlo Circus Club neighborhood for $23 million, which puts it in the top ten for deals in the country’s most expensive zip code this year.

Mary and Brent Gullixson of Compass listed the 1.2-acre property at 202 Camino Al Lago back in April for just under $25 million, then in June changed the price to $24,888,000. (Putting eights in the listing price is a common practice in the Bay Area to draw the attention of Asian buyers since eight is considered a lucky number in many Asian cultures.) It went into contract in September and closed October 18.

The buyer is Dmytro Gerasymenko, founder of the SEO search company Ahrefs, and his wife, Natthaya, according to public records. Natthaya is a former chemistry lecturer from Thailand who recently opened a Thai-style crepe restaurant in Singapore, where the couple is based and where Ahrefs is headquartered.

The buyers agent, Rachel Michael of City Real Estate, declined to confirm her clients’ identities but did say they competed with another party on the deal, “as the September market has been incredibly active with much of the high end inventory being absorbed.”

Mary Gullixson declined to comment on the sale but agreed with Michael’s bullish assessment of the luxury market this fall.

“The Atherton market continues to be active with multiple offers from buyers seeking turnkey properties,” she said.

The 8,000-square-foot home with five en-suite bedrooms was built in 1907 but had been substantially renovated by Varelas and his wife Jessica after they bought the home for $16.2 million at the end of 2016, according to property and permitting records, which also show the addition of a guest house in 2019.

That two-level structure is described as a “poolside cabana” in the Gullixsons’ marketing materials, since it is right off the pool and spa area. It has a living area with a full kitchen and home gym with steam shower and infrared sauna on the main level, as well as a media room, lounge and wine cellar below.

The luxurious amenities, which also include a bocce ball court, were among the stand-out selling features, as were the high-end custom finishes, including vintage terracotta roof tiles imported from Italy and hand-painted and embroidered wallpaper, Michael said. The flag lot’s expansive gardens and mature olive trees add to the feeling of serenity and privacy, she said.

The listing site also touts the proximity to VC hub Sand Hill Road in Menlo Park. Riverwood Capital—a technology investment firm with over $6 billion in assets under management—is located in Menlo Park, and also has offices in Miami, New York and Sao Paulo, Brazil, according to the company’s website. Varelas is a leader on the firm’s current investments in Insider, a marketing software automation company, and Nextdoor, the neighborhood social networking platform.