LOS ANGELES (LALATE) – The Yuri Milner (Digital Sky Technologies) purchase of the house owned by Fred Chan (ESS Technology) has set a record. Yuri Milner’s price of $100 million is the highest amount ever paid for a single family residence in the U.S., says reports today.
Of note, Ron Baron paid $103 million for a residence in East Hampton, N.Y., but that was 40 acres of vacant land with no single family residence on the property. The Fred Chan house is located in Los Altos Hills near Silicon Valley. It boasts a 25,500 home.
Who were the sellers and buyers? Chan founded ESS Technology which makes audio and video equipment. The Chans will carry at $50 million note on the house. The house was reportedly not publicly listed for sale. In addition to this home, the Chans are trying to also sell a 5.4 acre mansion on Oahu for $80 million.
Milner’s Digital Sky Technologies is a fund that has multiple Silicon Valley investments including a $200 million purchase of Facebook stocks two years ago.
Neither Milner nor Chan has commented about the transaction.