SAN FRANCISCO — The U.S. housing market may be struggling to regain its footing, but the $100 million sale of a single-family home in the heart of Silicon Valley shows that luxury properties are still in demand.
Russian billionaire Yuri Milner, a big investor in Facebook, daily deal website Groupon and "Farmville" game maker Zynga, bought the lavish, 25,500-square-foot mansion in Los Altos Hills, Calif. The sale is believed to be one of the largest in U.S. history for a single-family home.
Donald Trump sold his Palm Beach mansion for $100 million in 2008 to Russian fertilizer billionaire Dmitry Rybolovlev. Trump told The Associated Press at the time that it was the largest estate sale ever in the U.S.
Milner, the 49-year-old founder of Internet investment firm Digital Sky Technologies and chairman of Mail.ru Group, has no immediate plans to move into the mansion, spokesman Leonid Solovyev told The AP. Solovyev and another spokesman for the billionaire declined any further comment.
The mansion is a French-style chateau in the Loire style set on 18 acres in hills overlooking San Francisco Bay, the architect, William Hablinski, told The AP. Hablinski said the cost of the project, which took about six years to complete, was not a big concern during the building process. He would not comment on how much the seller, Fred Chan and his wife Annie, paid to build it.