Business & Real Estate

This home just sold for a Sacramento record price. A famous local family is the buyer

A well-known Sacramento family has purchased what appears to be the most expensive piece of residential real estate in Sacramento County history, an “uber” modern and stylish Sierra Oaks Vista home for $5 million.

The buyer is listed as the Friedman Trust, established by the family that launched and still owns Arden Fair Mall. The family is also known for philanthropy, including recently donating $1 million to help the city and Sacramento Kings buy the $8 million Jeff Koons’ sculpture in the Downtown Commons plaza outside Golden 1 Center.

Mark Friedman, a developer and co-owner of the Kings, acknowledged the purchase but declined comment.

The home, built in 2011, was designed by Peter Bohlin, the architect who designed the famous glass-box Apple retail building in Manhattan and who helped design Microsoft founder Bill Gates’ home in Washington, according to real estate listings and previous media reports.

The contemporary home in an older, exclusive area of the county is 13,000 square feet, with five bedrooms, seven bathrooms and two kitchens. It also has a private guesthouse next to a pool, as well as a gym, theater room, play room and a security room.

“It is very, very, modern, very high-tech, with a very high-security system, lasers and everything,” Realtor Annette Black of Lyon Real Estate said. “It is a great house, but not your warm and fuzzy traditional house. It’s glass and steel.”

Agent Nick Sadek, who previously marketed the house, called it a one-of-a-kind structure that cost a former Sacramento businessman more than $10 million to build.

The previous home price record appears to be $4.75 million in 2013 for a home nearby in Sierra Oaks.

Sacramento real estate appraiser and market analyst Ryan Lundquist says the sale is an example of what he calls an emerging local market of “outliers,” unusual and exclusive homes that are being purchased at previously unseen prices.

“We are starting to see more outlier properties like this in the Sacramento region, Lundquist said. “Part of it is a reflection of where prices are at, but it’s also a reflection of the luxury market coming alive and growing demand for these types of properties in the region.”

The area is seeing an increase of million-dollar-plus home sales. But, Lundquist pointed out, as an outlier sale, the $5 million house “is not the new comp for everything else. It doesn’t bring up the rest of the market.”

The area’s increasing real estate prices have been notably affected by Bay Area buyers who are cashing out on higher-priced homes on the coast and moving inland.

But two of the three most notable high-priced house sales involved longstanding Sacramento-area families that made their fortunes in local business and real estate.

Jim Anderson, a member of a building products family, recently purchased the most expensive condominium – at $4.1 million – in the Sawyer Tower downtown, the 16-story combination hotel and luxury condo in Downtown Commons, part of the Sacramento Kings’ arena development project.

Gov. Gavin Newsom, who moved from Marin County, recently bought a $3.7 million Fair Oaks home.

Tony Bizjak has been reporting for The Bee for 30 years. He covers transportation, housing and development and previously was the paper’s City Hall beat reporter.