The real estate business has been good to technology entrepreneur Spencer Rascoff. And now we’ve confirmed that the well-known CEO of Seattle-based Zillow Group recently purchased a magnificent mansion in the exclusive Brentwood section of Los Angeles.
The price tag? Nearly $20 million.
A rep for the Seattle-based online real estate company confirmed the news to GeekWire on Monday, and said Rascoff sent a note to employees in May about how he will be splitting his time between Seattle and Los Angeles. Here’s the note:
I wanted to give you a heads-up on some news for me and my family. Recently, we decided that we need to start spending more time in Los Angeles for personal family reasons. Beginning this summer, I will be splitting my time between Seattle and L.A., where my wife and I grew up and where all four of our parents live. However, nothing is changing about my role at Zillow Group. It is not uncommon for executives at large companies to do this because (like me) they already spend a lot of time traveling each week. Where they lay their head on the weekend is really just dependent on what is best for their family. And actually, I have done this before — for 2 years I lived in SF and worked in Seattle, and for 1 year I lived in L.A. and worked in Seattle. If you have any questions, please feel free to ask me.
The company further stressed that Zillow Group has eight offices (seven in the U.S. and one in Vancouver, B.C.), including an office in Irvine, Calif., just south of L.A. Even so, Rascoff will be a bit of an anomaly in Seattle tech, with his primary residence more than 1,000 miles from the company’s main headquarters. Whether that distance will impact the company’s culture and style is yet to be seen, though Rascoff — a hard-charging and fast-moving road warrior — offers that very little will change.
Zillow Group has grown in size in recent years, especially after it consumed San Francisco-based Trulia last year for $2.5 billion. The company, best known for its Zestimate, which offers an automated valuation of homes across the U.S., attracts more than 150 million visitors per month to its Web site and mobile offerings.
What’s Rascoff have in store in the new Brentwood mansion?
According to OpenHouse.com, the home, built in 1991 and recently renovated, is a “stunning California traditional.” At 12,732 square feet, it has six bedrooms and nine bathrooms.
The white mansion sits behind a gate and tall hedge on .6 acres and images show palm trees dotting the property, which has an in-ground swimming pool and patio area in the lush backyard.
With O.J. Simpson back in the news recently thanks to high profile television programs about his mid-1990s murder case, the Brentwood area should ring a bell. Interestingly, Rascoff’s new property is close to where Simpson’s estate was once located.
That infamous mansion, as well as the guest house once occupied by “Kato” Kaelin, was leveled in 1998 by a new owner, who, according to CNN, paid nearly $4 million at the time.
Rascoff sold a home at the end of February in Seattle’s Madison Park neighborhood for $1.05 million. That transaction made news because the Zillow Zestimate on the property reached $1.75 million a day after the sale.
Interior highlights for the new Los Angeles property include a large chef’s kitchen “finished with Calacatta marble” and a state-of-the-art home theater with plush seating. But wait, there’s more, according to the listing:
- Elegant, grand-scale rooms bathed in natural light are graced with stained oak floors, wainscot paneling and high ceilings.
- An expansive master suite boasts a large private balcony and dual bathroom suites that each hold two spacious walk-in closets and fitness studios.
- French doors open to a immaculately manicured grounds featuring a grand dining terrace.
- Additional appointments include a wine cellar, two-bedroom guest house, motor court, mudroom, and high-end designer finishes complete this stylish traditional oasis.
The home sold on April 29 for nearly $20 million, slightly less than the asking price. It was on the market for 48 days according to OpenHouse.