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An $18 million dollar fixer-upper?
From left: John Hopfenbeck of Burlingame and curator of the Cole car collection; Ellen Cole of Woodside; Robert Cory of San Francisco; and David Buchanan of Palo Alto discuss the best placement for the 1927 Bentley Speed Siz Markham Roadster in front of the Woodside estate. In a real estate saga that could only happen in California — nay, the Bay Area — the Woodside estate once owned by San Francisco Symphony benefactor Louise M. Davies is up for sale. But it’s not that simple. The 20-acre spread was most recently owned by a dot-com millionaire who went bankrupt and now must sell the place, according to the listing agent. The catch — the property apparently needs almost $10 million in work. Hence the faraway photo on the cover of the invitation for a preview of the property Monday and the vast staging effort that included 1930s cars and members of a local Art Deco society in costume. Photo taken on 6/13/05 in Woodside, CA.
Lea Suzuki/ San Francisco Chronicle MANDATORY CREDIT FOR PHOTOG AND SF CHRONICLE/ -MAGS OUTLea Suzuki
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The garage at the estate in Woodside. An $18 million dollar fixer-upper?
In a real estate saga that could only happen in California — nay, the Bay Area — the Woodside estate once owned by San Francisco Symphony benefactor Louise M. Davies is up for sale. But it’s not that simple. The 20-acre spread was most recently owned by a dot-com millionaire who went bankrupt and now must sell the place, according to the listing agent. The catch — the property apparently needs almost $10 million in work. Hence the faraway photo on the cover of the invitation for a preview of the property Monday and the vast staging effort that included 1930s cars and members of a local Art Deco society in costume. Photo taken on 6/13/05 in Woodside, CA.
Lea Suzuki/ San Francisco Chronicle MANDATORY CREDIT FOR PHOTOG AND SF CHRONICLE/ -MAGS OUTLea Suzuki
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The paddock and stables (in background) of the Woodside estate. An $18 million dollar fixer-upper?
In a real estate saga that could only happen in California — nay, the Bay Area — the Woodside estate once owned by San Francisco Symphony benefactor Louise M. Davies is up for sale. But it’s not that simple. The 20-acre spread was most recently owned by a dot-com millionaire who went bankrupt and now must sell the place, according to the listing agent. The catch — the property apparently needs almost $10 million in work. Hence the faraway photo on the cover of the invitation for a preview of the property Monday and the vast staging effort that included 1930s cars and members of a local Art Deco society in costume. Photo taken on 6/13/05 in Woodside, CA.
Lea Suzuki/ San Francisco Chronicle MANDATORY CREDIT FOR PHOTOG AND SF CHRONICLE/ -MAGS OUTLea Suzuki
An $18 million fixer-upper?
And that’s not all. The 20-acre Woodside estate needs about $10 million worth of work, according to listing agent Mark Benson of Cashin Co.
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“Only in California,” Benson added wryly.
On Monday afternoon, Benson held a “pre-market” viewing of the historic property for movers and shakers in the world of luxury Bay Area real estate. The party and staging, which included 1930s autos and members of a local Art Deco society dressed in period clothing, seemed more appropriate to a movie set.
The elaborate production was not only an attempt to reflect the home’s heritage — it was completed in 1940 by the architects responsible for the well-known Eichler houses — but also adorn a property that has clearly languished while its owner has grappled with legal and financial difficulties over the last couple of years.
In enclaves such as Woodside and Atherton, where technology luminaries such as Steve Jobs and Larry Ellison live, multimillion-dollar estates are not unheard of. But few properties have had such a potent mix of history, fame, money — and the loss thereof.
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“It’s kind of a rags-to-riches, riches-to-rags story,” Benson said.
Court records and public filings show that the Lakeview Drive home has been owned by End Real Estate, a company controlled by James Paulett “Paul” Charlton, since 1999. Public records did not disclose the sale price.
Around that time, Charlton sold the shares in a technology firm he had founded to Foster City’s Inktomi for $25 million. But a short time later, Charlton faced the technology collapse and the costs related to legal matters surrounding other failed companies. Last year, he filed for bankruptcy, and petitioned to sell some of his assets, including the Chagall painting.
A court-appointed trustee is now charged with selling the home.
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Although the sprawling seven-bedroom home harks back to Frank Lloyd Wright’s naturalist architecture and boasts a valuable fresco by Lucien Labaudt, much of the house itself and the grounds have fallen into disrepair. The stables, greenhouse and guest quarters are decrepit; the paddock fences, pool and footpaths need major renovation.
Inside the main house’s kitchen, under-counter holes and alcoves have been papered over with photos of shiny, high-end appliances, and some doors to the garden have handles on only one side.
It is a far cry from the property’s heyday in the years leading up to World War II.
Then, a young couple by the name of Davies bought the parcel to build a large country home on an open hillside overlooking Redwood City.
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Ralph Davies was a vice president of Standard Oil who served as petroleum administrator for Interior Secretary Harold Ickes during World War II. He made millions by buying oil concessions all over the world, and eventually ran American President Lines and Natomas Co.
He died in 1971. A decade later, his wife, Louise M. Davies, gave $5 million to build the landmark San Francisco Symphony Hall on Van Ness Avenue that was eventually to bear her name.
Louise Davies, who at one time was well-known in Woodside for throwing tea parties in the extensive gardens, died in 1998 at a retirement home in Portola Valley.
Woodside History Committee member Thalia Lubin said the home is significant because of its ties to the Davies family and the fact that it is “exemplary of country life” in Woodside at the time.
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But it is unclear whether the property will remain intact. Several real estate industry insiders speculated that an investor would buy the property to subdivide into several parcels.
And most experts said it may take some time for the property to sell, in part because it is in the less desirable part of Woodside east of Interstate 280.
“Eighteen million sure doesn’t buy you what it used to,” said Peninsula real estate broker Art Michael, who toured the home.
Benson said he set the asking price for the home after two appraisals put its value at $23.5 million and $11.5 million. In addition, two other properties of about the same size are on the market in Woodside — one for $15 million and one for $29.5 million.
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Though overall Bay Area home prices and sales continue to break records, the market for ultra-expensive homes remains somewhat unpredictable, in part because the pool of buyers of multimillion-dollar properties is so shallow.
The heirs to the Hills Bros. Coffee fortune recently sold an 11,000- square-foot Pacific Heights mansion for less than $30 million, after putting it on the market for $45 million two years ago.
