In 2011, Rich Homebuyers Went Bargain HuntingBy
The ultra-luxury real estate market took off at a gallop in 2011. In February, a Russian tech billionaire paid a record price for a single-family home in the U.S. Yuri Milner, an investor in Facebook, Zynga, and Twitter, bought a Silicon Valley mansion at 13310 La Paloma Road in Los Altos Hills for $100 million, with a $50 million loan from the owner, ESS Technology founder Fred Chan. The behemoth deal set the tone in housing’s top segment in 2011.
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