Mansion Near San Francisco on the Market for $29 Million

Author: John Egan
Published: December 28, 2011 at 8:57 pm
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A Northern California mega-mansion that’s been on and off the market for more than 10 years is up for sale again. The asking price for the 35,000-square-foot, 30-room home: $29 million.

Sam Bamieh, founder and former chairman of San Mateo, Calif.-based American Intertrade Group Inc., owns the Tobin Clark Estate. He is a prominent donor to Republican politicians. Bamieh’s company specializes in real estate development and financial consulting.

The property is in Hillsborough, Calif., a San Francisco Bay Area suburb that’s one of the wealthiest communities in the country.

In 2002, the estate made Forbes magazine’s list of the most expensive homes in the United States. The Wall Street Journal featured the estate as its “House of the Day” on Oct. 1, 2009. According to Zillow.com, the house was supposed to be torn down to make way for six homes. Bamieh bought the estate at a foreclosure sale for $3.2 million, the Journal reported.

Four residential real estate firms – Keller Williams Realty International, Sotheby’s International Realty, Engel & Volkers and Alain Pinel Realtors – are marketing the property. An announcement of the Cotsword Tudor mansion being put on the market called it “the jewel in the crown of San Francisco estates.”

In August 2009, Bamieh put the house up for sale – without hiring a real estate agent – at a list price of nearly $28.9 million. Owner financing was available to “qualified buyers.”

The Bamieh family spent more than $19 million to restore the Tobin Clark Estate, which sites on 6 acres and is secured by classic wrought-iron gates. Sam Bamieh bought the mansion, also known as House on Hill, in 1992. Bamieh initially put the estate on the market in 1999 for $45 million, according to the San Francisco Chronicle.

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Article Author: John Egan

A resident of Austin since 1999, John Egan has 25 years of experience in journalism, communications and public relations. From 1999 to 2006, he was editor and managing editor of the Austin Business Journal. John's business blog, called AustInnovation, is at http://austinnovation.com. …

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