The most expensive home for sale in Silicon Valley is this $48 million estate with a private lake, horse stables, and a walk-in closet larger than most studio apartments

Three out of the five most expensive zip codes in America are located in the tony suburbs of Silicon Valley, where tech moguls pay all cash and bid well above asking price for mansions.

Still, a historic property located down the road from Facebook and Google has some serious sticker shock. 1550 Portola Road in Woodside, California, hit the market for $48 million in July, up almost 700% since the compound last sold at the height of the recession in 2008.

Once belonging to socialite Adelaide Kirkbride, the sprawling circa-1915 home sits on seven acres with a private lake and horse stables. It is currently the priciest listing in Silicon Valley.

We spoke to listing agent Pierre Buljan about what makes this home worth the dough.

SEE ALSO: Inside the most expensive zip code in America, where tech moguls like Eric Schmidt and Paul Allen have their mansions

Woodside is a semi-rural enclave of Silicon Valley where the technorati, including Steve Jobs, Larry Ellison, and SoftBank's Masayoshi Son, have lived over the years.

For $48 million, you can be neighbors with the most influential people in tech.

The property at 1550 Portola Road — named "Canardia" — once belonged to local socialite Adelade Kirkbride. An unnamed real-estate investor bought it for $6.1 million in 2008.

The home was not foreclosed on, contrary to past media reports, according to listing agent Pierre Buljan. Multiple families owned the property through a family trust; after several members died, the bank sold it for a bargain price during the housing crisis in 2008.

See the rest of the story at Business Insider

Contributer : Tech Insider http://ift.tt/2jI7pnJ

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