Zillow Cofounder Pays 30% Over Zestimate For Los Angeles House, Days After A $350M IPO For His Newest Startup

Spencer Rascoff, former CEO of the true property search web site Zillow
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, has bought another Brentwood Park property minutes away from the one he purchased for $20 million just a few years in the past. This newest acquisition is a extra modest three-bedroom, 3.5-bath dwelling he paid $5.7 million for earlier this month. The gross sales costs is barely decrease than what it had been asking—a $5.9 million—however continues to be 1.3 million greater than the present Zestimate of $4.4 million.

For Brentwood Park, the place houses are promoting for a median of $7.7 million, this was a uncommon sale. Solely about half a dozen different houses asking over $5 million have offered up to now three months, regardless of there being almost two dozen available on the market. The present itemizing on the prime of the market is a 14,000 square foot home with six bedrooms, 11 loos asking $38 million.

Rascoff left Zillow on the finish of 2019 after almost a decade on the job. He moved to Los Angeles the place he cofounded a information web site referred to as dot.la and a tech funding ‘clean examine firm’ referred to as Supernova that went public on the finish of October 2020 with an preliminary public providing of $350 million. The aim of Supernova is to companion with “advantaged progress compan[ies] that profit from thematic shifts and tech-enabled traits”, as said within the press launch.

Josh and Matt Altman of the Altman Workforce represented Rascoff; Mary Lu Tuthill of Coldwell Banker was the itemizing agent.