In a surprisingly theatrical move that turned a nearly classic four‑bedroom from the 1930s into a flash‑in‑the‑pan money‑maker, a house at 123 Stockbridge Ave. in West Atherton didn’t generate a bidding war for its rooms or its charm—fans fought instead over the 1.147‑acre parcel it sits on. The lot sold for roughly $9.5 million, and while the 2,830‑square‑foot frame, built in 1936, will likely be torn down, buyers were really after the ground it occupies. According to listing agent Gina Haggarty of Compass, “the home had no significant value to it.” She notes the property is “ideal for new construction and building your dream lifestyle,” a claim that painted the land as the real prize: expansive, green, and highly private.
Atherton is a longtime playground for the ultra‑wealthy, home to names like Steph Curry and Marc Andreessen, and its zip code ranks as the country’s second‑most expensive. The deal was fast‑moving: coming onto the market on Oct. 1 for just under $8 million, it closed on Oct. 16 with a price topping the asking price, even though the house had faced a looming foreclosure with about $5 million still owed on a 2017 loan. Experts who can’t tour the site say that scarcity spurred the fierce competition, with 14 diverse offers from developers and families alike. While most would term the sale a distress transaction, some call it a “steal.” In a market where teardown prices have inflated, a bargain is almost a myth.
The rising demand is partly fueled by the AI boom, which is flooding the Bay Area’s ultra‑luxury segment with new liquid capital and rekindling interest in premium lots. In a region where housing supply is tight and costs skyrocket, a lot that was once valued for its house is now being prized simply as the canvas for a future mega‑mansion.
Stay informed on all the latest news, real-time breaking news updates, and follow all the important headlines in world News on Latest NewsX. Follow us on social media Facebook, Twitter(X), Gettr and subscribe our Youtube Channel.
