A colossal property in Los Altos Hills, California, that’s owned by tech entrepreneur Kumar Malavalli, has returned to the market with a price tag of $55 million.
The 20,982-square-foot mansion on eight-acre resort-like grounds first hit the market for a whopping $88 million in 2015 with Dreyfus Sotheby’s International Realty. The listing price was reduced to $68 million in April 2017, but failed to sell within the 12-month time period before the listing expired.
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The home was relisted by a new brokerage, DeLeon Realty, on Wednesday with another $13-million price cut.
“We want to make it more attractive to potential buyers to drop the price to the seller’s bottom line,” said Michael Repka, listing agent and CEO of DeLeon Realty.
Mr. Repka, who declined to identify the seller, said the reason for the sale is that “they are moving out of the area.”
The seller, per property records, is Mr. Malavalli, 75, chairman and chief executive of InMage, a software company he co-founded in 2001 and sold to Microsoft in 2014. He bought the property in late 2003 for $5.1 million via a trust and then had the mansion custom built in 2010.
The home includes five bedrooms, seven bathrooms, five half bathrooms, guest suites, a home theater, a game room, an indoor pool with spa and a 3,000-bottle wine cellar.
“It’s one of the most spectacular properties in the world, built with the finest selection of materials, finishes, and technology, and exquisite interior and landscape design,” Mr. Repka said.
Plus, “The home is very comfortable and warm despite it’s big in size,” he said.
The property also has parking for six cars and a standalone office building, which comes with a roughly 1,024-square-foot executive center with a reception desk, kitchenette, and a conference room.
Mr. Malavalli, whose early enterprises include Brocade Communications Systems, which he co-founded in 1995 and took public in 1999, couldn’t be immediately reached for comment.
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