Billionaire’s $100 Million Home Worth Only $50 Million Per CA Tax Assessment

Last year, it was reported that the Russian billionaire Yuri Milner broke a lot of sales records in the state of California by purchasing a beautiful Silicon Valley mansion for $100 million, known as Palo Alto Loire Chateau.

After purchasing the home, Uncle Sam began to actually disagree with the home worth. The California Assessor’s office has decided that the home is only worth $50.27 million. So what does this mean? It means that the tech guru Yuri Milner, who is a major investor in Facebook and Groupon, actually paid 100 percent more than the actual worth of the home he purchased. (I would imagine that even though he is loaded with money, he would be ticked off a little bit.)

This particular assessment means that this Russian billionaire will end up paying over $600,000 a year in taxes to the state of California. To help put that into perspective, that $600,000 can actually buy THREE homes in various other parts of the United States at the national median price. This $600,000 a year will end up being a really huge revenue boom for the county in which the house sits in (Santa Clara County). This beautiful home is close to 25,545 square feet and features a 4,600 square foot guest house.