Hillsborough estate sees a $70 million cut from original listing price

  • 20454 a Hillsborough estate sees a $70 million cut from original listing price





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The de Guigne estate is no stranger to the media spotlight — mainly because this property itself is pretty strange.

Its fame began in  February of 2013, when the de Guigne estate hit the Hillsborough market at $100 million, making news as one of the five most expensive properties for sale in the nation.

Now, you can buy this fabled property for $29.85 million. That’s a little over $70 million off the original list price.

The life estate years

Owner Christian de Guigne was 75 years old and still living in the home when the home first went on the market in 2013. And even with new buyers, he would continue to do so, because new owners would have to agree to a life estate for de Guigne as part of the sale.

As reported by On the Block, “If indeed he were allowed, via the life estate, to live on in the home until his death, the new owner could potentially wait decades before being able to move in—all the while paying for maintenance of a home with ‘household expenses average[ing] $450,000 a year’ according to the San Jose Mercury News.

In May of 2015, the listing was canceled.

Queue massive price cuts

Such a property will not go gently in to that good night. In June of 2015, the listing returned, but at $34.9 million, over $6o million off its original price. And, the life estate condition had been removed from the terms of sale.

Still no takers, and this month the price was slashed yet again.

What does your money buy?

The grand estate was built in 1916 by the San Francisco–based architecture firm Bliss Faville and records describe 10 bedrooms and nine-a-half bathrooms, a ballroom, a grand formal banquet room, a flower-arranging room, a library, and a plethora of additional rooms of vague purpose.

On the 47.5 acre lot, there’s a swimming pool designed by landscape architect Thomas Church, gardens, lawns and hiking trails. The address, listed on a the MLS as 891 Crystal Springs Road, rests on a hilltop overlooking the San Mateo Creek.

Worth it, finally?

Some might say 47.5 acres in San Mateo County alone would fetch any millions. That they come with a 16,000 square foot mansion may add or detract from that value depending on perspective. Readers can share their own perspectives in the comments below.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2016/11/14/hillsborough-estate-sees-a-70-million-cut-from-original-listing-price/

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