$6 Million Price Cut for Massive East Bay CompoundJune 6, 2017
Having been on the market with a $22.5 million price tag for over a year, the asking price for the massive East Bay estate at 10 Winding Lane in Orinda, which is owned by the CEO of McKesson, has just been reduced by $6 million to $16.5 million and re-listed with an official “1” day on the market according to all industry-based stats.
The buildings on the gated 8.6-acre estate total over 23,000 square feet, including the 14,200-square-foot main home (with a 2,100-square-foot master suite and 855-square-foot closet) and a 5,600-square-foot sports center (with a gym, multiple sports courts, his and hers locker rooms, a “bocce center,” indoor and outdoor kitchens, living rooms and spas) which was added in 2008.
And don’t forget the 3,100-square-foot carriage house with a banquet hall over its five car garage.
Comments from Plugged-In Readers
So…they re-listed and wipe out the previous “ask” price, so they (the brokers) can maintain the fascade that the market is indeed “a sellers market!”, and prices aren’t going down? Nice. Why do Zillow and Redfin allow this shenanigans?
The high-end is one thing, the $1M-$2M market is another. 10-15 offers on everything in the Peninsula, SF, and Oakland in that price point, with astronomical prices.
Eastbay (I haven’t been looking at Oakland) has been coming down. Orinda, Lafayette, Moraga – there haven’t been 15 offers on things. 2 or 3 price reductions until a sale. However, brokers seem desparate to maintain that the market is “great”. I agree to some degree – it’s still great relatively speaking for sellers compared to where we were 4-5 years ago! A leveling out and slight decline is normal.
According to the new LinkedIn Workforce Report, hiring in the SF Bay Area fell 4.1% year over year for May and 11.1% seasonally adjusted from April to May. They found the highest skills mismatch of any city, with too many qualified applicants for coding jobs (even though you guys said it would be easy for them to get hired again after their lame startup went bust) and too many middle class jobs going unfilled because those workers have fled the area. It won’t take long to filter into home prices, I’ll bet.
As for the very high end, rich people have access to the best financial advice, and I’ll bet nobody is telling them “this is a good time to buy”.
The MLS shows the price “History” of each property, whether it’s been reduced or re-listed. While you may be able to restart the number of days on market, re-list dates, or those of reductions, all are clearly reflected for agents to discuss with their clients.
Maybe a trifle ostentatious.
Man, a typical water bill for this place must be uuuuugly!!!!!
It seems it didn’t make the “Biggest Users” list – at least if I have the name correct – although some of the neighbors (roughly defined) did. Maybe it uses well water (or maybe it has a “private line” to Briones, nearby 🙂 )
Nothing says “living large” better than a MBR closet that is the same size as a median home in many Asian cities.
My house in SF is 1200 square feet, so not much bigger than the MBR closet. Massive indeed.
This looks like one of those places where you go broke slowly, and then all at once.
interesting that if you initially try for 23 million at did not succeed, that you don’t go down incrementally (say by 1 or 2 million) instead of a drastic 6 million. if you thought 23 mil had a chance, why not at least try for 20 mil?
Because you don’t want to chase a falling market.
The land underneath it has some value, at least
Bloat + Excess, cont.
Furniture looks very meh. For an 8 figure home, you would think they fill it with something other than Restoration Hardware…. although this could be staging… if that’s the case, then I guess it’s kinda ok…maybe
What this place really needs is an easement out to Bear Valley road for the bat cave entrance.
Couldn’t decide on an architectural style so just did one of each? Such a confusing disjointed property.
Word is that the sports complex is unpermitted somehow, and would need to be torn down or reworked to satisfy the building department. This is the reason for the price drop.
From The Mercury News, last updated August 12, 2016, first published July 31, 2015: “John Hammergren no longer has a company chauffeur to drive him around. Which is not to say he’s hurting: He earned $25 million running pharmaceutical distributor McKesson last year, making him the sixth-highest paid CEO in the Bay Area.…If he lost his job tomorrow,he could return home to his Orinda mansion with a $114 million pension and an estimated $140 million in accelerated stock awards, along with other severance benefits such as lifetime secretarial services.…But his annual pay package has declined steadily in recent years…and his parachute is not as golden as the record-breaking deal his board once promised. Shareholders insisted on scaling back.”
Go read the whole thing. What the piece doesn’t say is that McKesson Corporation cancelled front-line employees’ pension plans outright in 1997. Defined benefit plans for the members of the petty bourgeoisie, defined contribution plans for the proletariat.
UPDATE: Massive East Bay Compound Fetches $10M under Original List
This house is probably haunted with the thousands of bodies from overdose that Mckesson is responsible for.
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