By Melissa Dittmann Tracey, REALTOR® Magazine
A 25,500-square-foot home in Silicon Valley sold for $100 million, the highest price paid for a single-family home in the U.S., The Wall Street Journal reports.
Russian billionaire Yuri Milner is the new owner of the five-bedroom French chateau-style mansion, which features views of the San Francisco Bay, indoor and outdoor pools, a ballroom, and a wine cellar. Milner has no immediate plans to move in and has a primary residence in Moscow.
The previous most expensive residential home purchase belonged to Russian fertilizer billionaire Dmitry Rybolovlev, who paid $95 million in 2008 for a Palm Beach, Fla., estate owned by Donald Trump, according to The Wall Street Journal.
Milner’s supersized purchase is just another sign of the recovery occurring in the luxury real estate market: The sales volume of homes more than $1 million increased nearly 4 percent in February year-over-year, while sales of homes priced between $100,000 and $250,000 dropped nearly 8 percent, according to the National Association of REALTORS®.