24 Hour Fitness founder Mark Mastrov has relisted his multi-parcel trophy compound outside of San Francisco for $25 million.
Part of the property, a fitness haven in its own right with tennis and basketball courts, a batting cage, a swimming pool and a putting green, first came up for sale last month with a $13.5 million price tag. But he’s throwing in two more parcels, including the compound’s main mansion—tripling the total acreage on offer and nearly doubling the asking price.
Mr. Mastrov, 62, who founded one of the largest gym chains in the U.S. in the 1980s and is a partial owner of the NBA’s Sacramento Kings, began acquiring property on posh Happy Valley Road in the town of Lafayette, California, around two decades ago, property records show.
The contemporary-style main mansion, built in the 1990s, features large gallery walls for displaying art, soaring ceiling heights in the main living room and sculptural staircases to the second floor. It spans close to 14,000 square feet, including five bedrooms and more than seven bathrooms.
In the mid-aughts, the Mastrovs bought a neighboring lot and built out the resort-style leisure complex. It added another 8,000 square feet of interior space as well as pools and water features, various sports courts, a sweeping gym and a home cinema.
A third parcel is an undeveloped homesite the family uses as a garden, though it could be built out into a third house, said Herman Chan, who’s co-listing the property with Anton Danilovich, both of Golden Gate Sotheby’s International Realty.
The Mastrovs, who could not immediately be reached for comment, originally weren’t going to sell the entire property, which spans 6.88 acres, as one estate, Mr. Chan said. But the sudden increase in interest for family compounds—with space for working, schooling and playing at home—convinced the seller (and the listing agents) to give the mega-listing a go.
“With the whole Covid situation, now’s the time to sell a big thing,” Mr. Chan said. The three-parcel compound hit the market in its entirety on Friday.
And there’s little reason to leave home if you have everything from a bocce court to a hair salon. There’s also plenty of room to work, with a luxury office and bonus office in the main house, according to the agents.
There’s also a massive gym on the second floor of the recreation complex that could easily convert to a satellite office for a start-up or where a few key employees could work, Mr. Chan said. The estate even comes with a small cottage that could house staff on site, he added.
Contra Costa county, one of the Bay Area’s less expensive luxury markets compared to Silicon Valley or San Francisco proper, has seen a deluge of activity in the wake of the crisis as citydwellers search for more space to ride out the pandemic, Mr. Danilovich said.
“We’ve always been the most undervalued,” he said. “The growth has been tremendous.”
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September 10, 2020 at 07:18AM
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24 Hour Fitness Founder Mark Mastrov Lists $25 Million Compound - Mansion Global
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