REX newest listing in Palo Alto, CA was featured recently in the Wall Street Journal. Scott McNealy, co-founder of Sun Microsystems and REX board member, has decided to put his 32,000 sq. ft. estate on the market. Not only is Scott a leader in the Silicon Valley community, but he has been a vocal supporter of REX’s efforts to transform the residential real estate industry. Below is an excerpt from the Wall Street Journal article. You can read the entire article here. Be sure to take a virtual tour of this amazing home here.
Mr. McNealy said he bought the first lot in the mid-1980s, and lived in a house on the property in his bachelor days. In 2001, he bought a second lot and took down the existing houses; he and his wife Susan spent just under $11 million on the lots, he said. Building, including a two-year process to secure the permits, took seven years. The couple is selling because they will soon be empty nesters and “the house deserves more activity than the two of us,” he said, adding that they own a home in Lake Tahoe.
Mr. McNealy said he initially used a traditional agent—who he declined to identify—to “whisper list” the property for a couple of years, meaning it wasn’t formally listed. A buyer failed to materialize, so Mr. McNealy is listing the house with REX, a Woodland Hills, Calif., real estate startup in which he is an investor and a board member. The brokerage doesn’t list houses on the multiple listings service, doesn’t split commissions with buyer’s agents, and charges no more than a 2% commission.
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