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Atherton mansion cuts $9 million off price

That’s a lot of coin

Atherton, the land of mansions and eight figure asking prices, caters to what you might call a very particular stratum of buyers. We’re not saying that down payments in the form of gold ingots are a common occurrence, but it may have happened once or twice.

The problem with ultra-luxury real estate, however, is that there are only so many people who can even afford to be shopping for such properties in the first place. So while the six bed, seven bath mansion circa 1932 (on nearly three acres of land) at 52 Atherton Avenue certainly looks the part of a choice South Bay buy, it’s maybe not surprising that its most recent listing in January of 2015 failed to hook a buyer. The sea can only hold so many fish that big.

Now it’s back, but the new listing is missing something: $9 million of its old $28 million asking price. All of this can now be yours for a comparably svelte $19 million. A price cut is to be expected with a new listing, of course, but that’s a doozy.

The Tudor-style home ("chintzy to the core," as we called it last year) last sold in 1988 for $2.35 million. Which of course is the equivalent of more than twice as much today.