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It's not the most expensive home to be listed in California's Silicon Valley, but of course it's among them.
An 8-acre estate in the Los Altos Hills hit the market this week for a heart-stopping $88 million, and listing agent Michael Dreyfus of Sotheby's International Realty says the price isn't reflective of a housing bubble.
"I sold a bungalow for $3.4 million," Dreyfus said. "Now, that's crazy. This is definitely 30 times more house than that."
"It seems like a big number," he added "but the price reflects the cost of construction and the price of land. There was a lot of money spent on this house."
Tech entrepreneur Kumar Malavalli, who founded Brocade Communications Systems and now leads the venture capital firm VKRM, created this estate when he purchased two adjoining properties in 2004.
Dreyfus said the best materials were used to build the 20,400-square-foot main house that's filled with rich woods and large windows overlooking the landscaped grounds consisting of seven different gardens. "Everything is above and beyond," Dreyfus said. "Very solid and very beautiful."
"It's a Californias house," he added. "Every room has access to the outside—the kitchen, the bedrooms, the living room. They were inspired by that Santa Barbara style."
The home also includes a bell tower, a six-car garage, a home theater, a wine cellar that holds 4,000 bottles, and a swimming pool with a swim-up bar and retractable roof.
Malavalli also built a 1,024-square-foot executive center where he often worked and held meetings over the past four years.
The "Wall Street Journal" reported that Malavalli and his wife are now empty nesters and they are selling the home to downsize and move closer to their grandchildren and family.
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