A storied Bay Area estate that has failed to sell twice already is once again up for grabs.
Green Gables, a massive 74-acre compound at 329 Albion Ave. in Woodside, is for sale for $110 million. The historic property has been in the same family, the Fleishhackers, for five generations. It includes seven homes and a 100-yard Roman pool (the family had a thing for huge pools) flanked by dramatic stone arches and sprawling gardens.
The seven buildings include a total of 34 bedrooms and 26 bathrooms, with a main house spanning 10,000 square feet. There are also three additional swimming pools, a tennis court and even a reservoir that’s exclusively for the property.
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The Peninsula compound first hit the market in 2021 for $135 million and went on sale again in 2022 for $125 million, but never nabbed a buyer.
Aside from the big price cut, another change from previous years is that a reality TV star has joined the marketing team. Mauricio Umansky, perhaps best known for appearing on Bravo’s “Real Housewives of Beverly Hills” and being Kyle Richards’ husband (though the couple is reportedly separated), is also the founder and CEO of The Agency, a global real estate group. The company has been expanding in Northern California and now has several offices in the region.
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“Whether it be a visionary tech magnate seeking a secluded retreat, an entrepreneur envisioning the birthplace of the next great think tank, or a forward-thinking family aspiring to create a timeless compound for future generations, Green Gables offers endless possibilities for the next buyer,” Umansky said in a statement emailed to SFGATE.
Marketing materials also emphasize redevelopment opportunities and even include renderings of potential additions like equestrian amenities, other sports facilities and another residence.
The celebrated estate has a serious architectural pedigree. Renowned architects Charles Sumner Greene and Henry Mather Greene, known for their work during the early 20th century Arts and Crafts movement, designed the property for San Francisco businessman Mortimer Fleishhacker as a summer escape. In 1933, William Wurster, one of California’s prominent modernist architects, designed a six-bedroom home that was added to the property. Celebrated landscape architect Thomas Church designed a wooden cabana and pool house.
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We’ll see if anyone bites this time.
A new scam targeting vacant properties is on the rise in California.
According to a warning issued by the California Department of Real Estate, scammers posing as property owners have been contacting real estate agents and requesting their assistance to sell vacant homes and land they don’t own.
Known as “vacant land scam” or “vacant lot fraud,” this fraudulent real estate scheme was initially reported on the East Coast and made its way to California at the start of this year. Law enforcement agencies and district attorney’s offices around California have reported a sharp increase in this type of fraud in recent months.
In this hoax, the criminal searches public records to identify owners of real estate that is free of mortgage or other liens. Most often, vacant lots and investment, vacation or rental properties that are not occupied by the owner are targeted. The scammer will then pose as the owner and contact a real estate agent to list the property for sale with the intent of pocketing the sales proceeds.
These scammers typically say they cannot personally meet with either the listing agent or buyer of the property because they either live in another state or abroad or are traveling.
The criminal takes advantage of e-notaries and online communications, attempts to defraud the actual owner, the buyer and every service provider involved by selling the property under market value with an exceptionally quick escrow, according to a press release from the California Association of Realtors that was issued in June after the trade association received several calls on its legal hotline from agents who were suspicious that the person who signed their listing was not the actual owner.
The scam usually goes undiscovered until the sale closes and the transfer documents are recorded with the county. This scheme has particularly affected the elderly and foreign real estate property owners as there are no means to automatically notify the legitimate owners, according to state officials.
In one case, the “seller” electronically signed the listing contract, disclosures and a purchase and sales agreement with a cash buyer. The scam was averted before the documents were notarized because a family member contacted the real owner of the property after noticing it was listed for sale.
“Owners of vacant properties should check on their property on a regular basis,” Jim Hamilton, president of the Silicon Valley Association of Realtors, said. “If they live out of state or overseas, it would be a good idea to keep in touch with a broker whom they trust and neighbors or relatives who live near the property.”
Be aware of these ‘red flags’
These criminals usually use a number of tactics designed to keep their crimes from being discovered until it’s too late. The Department of Real Estate is urging homebuyers and real estate professionals to watch out for these tactics:
• Seller requests that the property be listed below market value to generate immediate interest.
• Seller requests that no “For Sale” sign be posted on the property.
• Seller requests preference for a cash buyer, quickly accepts an offer and demands a quick closing.
• Seller refuses to meet in person, preferring to be contacted through email, text or over phone and typically refuses video calls.
• Seller refuses to attend the signing and claims to be out of the state or country.
• Seller demands to use their own notary, who then provides falsified documents to the title company or closing attorney.
• Seller insists that proceeds are wired to them.
“These characteristics may not be red flags on their own, but when several or most occur, the risk becomes more apparent. Unfortunately, this scam is usually only discovered once the transfer of documents has been recorded with the appropriate county,” Hamilton said.
Those who believe a scam is occurring or are victims of real estate fraud, should report the crime to law enforcement authorities or the local district attorney’s office where the fraud occurred.