An unbuilt house designed for a Belvedere waterfront property — featuring stunning views of San Francisco and the Golden Gate Bridge — previously owned by former Yahoo CEO Tim Koogle, has hit the market with an equally staggering $65 million price tag.
If the house sells at that price, it could become the most expensive home in Marin, breaking the $47.5 million record set by the sale of the Belvedere mansion Locksley Hall in 2015, said Marin County Assessor Rich Benson.
But it may never come to that. The potential buyer of the 135 Belvedere Ave. address could instead pay $16.995 million for the land and the city-approved plans for the house as a “build-it-yourself” option, said real estate agent Bill Smith of Pacific Union International, who shares the listing with colleague Scott Woods.
“The $65 million is for the completed structure and the whole property,” Smith said, adding that Belvedere is one of the most undervalued cities for Bay Area real estate.
“This west side Belvedere area is one of the most coveted,” he said. “Besides being waterfront, it has water access. … This is premium land on Belvedere.”
Benson said the built house would have to be sold at that price to break the home-sale record.
The proposal is being offered by Lowell Strauss, owner of Amalfi West, a Marin-based developer of luxury homes. Strauss bought the existing 3,764-square-foot house for $5.25 million in 2015 from Koogle, who was the first CEO of Yahoo, leading the company from 1995 to 2001.
In 2008, Koogle and his wife Pamela Scott purchased the home for $6.485 million. The house, which had been unoccupied for years and sold several times since 1992, had been considered a fixer-upper, Smith said.
Koogle in 2010 ended up purchasing a neighboring house at 67 Belvedere Ave., which he still owns, for $11.75 million. He put the 135 Belvedere Ave. home on the market a year later.
The Belvedere Planning Commission in June approved the proposal. The project would demolish the existing 1950s-era home on the 1.2-acre lot and build a five-bedroom, 10,374-square-foot house with a guest house, private beach and a boat dock.
The property lot is unique in that it is actually three parcels merged together. It’s on a shelf of land, rather than on a sloping hill that would require a cascading, tiered design, like many homes in Belvedere, Strauss said.
The house would feature natural stone, wood finishes and floor-to-ceiling windows overlooking the bay designed to be “a shelter integrated in the surrounding nature, rather than an enclosure,” Strauss said. “It’s a combination of love of modern design and the love of nature.”
For more information, go to 135belvedereavenue.com.