Wednesday, May 3, 2017

Silicon Valley Businessman Sells His Mansion With A Discount Of US $ 20 Million

The 8-acre (3.2 ha) property of a Silicon Valley technology titan in Los Altos Hills, California, has just been put up for sale at $ 68 million. The huge mansion first went on sale in late 2015 for $ 88 million and after being on the market for more than a year, the quoted price fell dramatically last week.

Located in one of the most exclusive residential communities in Silicon Valley, the property has a 20,400 square foot (1,895 square meters) main residence, five bedrooms, seven bathrooms and guest suites with their own patios and bathrooms, according to the sale information. The truly unique feature is its separate office building: an executive center of approximately 1,024 square feet (95 square meters) with reception, kitchen, and a conference room. "You do not need to bring any work home when you go home, it's just the home," said Dreyfus Sotheby's International Realty sales agent Michael Dreyfus.
Kumar Malavalli, 74, co-founded the data center and storage networking company Brocade Communications Systems. According to property records, Malavalli bought two contiguous properties in 2004 and later built the mansion.

"It took us six years to build this place, which says a lot about its quality," Dreyfus said.

It will not be easy to build such a large house in prime locations in Silicon Valley. According to Dreyfus, there are not many large lots left in the area, and it is becoming increasingly difficult to obtain building permits and to join lots in many communities, which makes this property "very difficult to duplicate."
The Silicon Valley property is not just for business. It is also a place built to entertain. The house includes an indoor pool that has a pool bar, a retractable roof that closes automatically when it starts raining, a home theater and a wine cellar of 3,000 bottles. It also has a bell tower with an area that can be used as a stage, various sculptures and gardens, a meditation garden and a private massage room and sauna.

"The family has traveled a lot in the last few years and not having as much fun as before," Dreyfus said. "They're ready to move to a smaller place."

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