Vacant lot near San Francisco sells for $25 million
An empty lot in the Bay Area just sold for $25 million.
The 2.5-acre lot of land is on the most coveted street in Atherton, California, the country’s most expensive town, about 30 miles south of San Francisco.
The lot at 75 Isabella Ave. is near located near Menlo College in the affluent suburb and had been listed at $26.6 million since April 2022, The Real Deal reported.
Realtor Michael Repka, who brokered the sale, is also behind the sale of a similar 2.5-acre property in Atherton that went for $25 million in January — but came with six-bedroom, five-bath house that the buyer planned to tear down.
Repka said the new buyer has big plans but won’t sub-divide the land.
“It is my understanding that the purchaser intends to build one very grand estate home on the property,” Repka told SFGate.
75 Isabella sits close to Menlo Park, Stanford University and Menlo Circus Club, a costly and exclusive country club located a few streets down from the lot.
The neighborhood has a median home sale price of $7.9 million, according to a yearly PropertyShark report, though Redfin shows that nearby homes located on similar lot sizes typically sell for more than $20 million.