This closed on Thursday. The excise tax alone was $2.06M.
This is a sub-market I follow CLOSELY. The property is one of the few iconic pieces of property on the Point - and Greater Seattle area. Aside from the nominal number itself, I can't begin to tell you how ridiculous this is. But good for the seller, he got someone to give him a "make-me-move" price.
With that said, I think it's an outlier. I think the real value was much closer to the $30M range. But everyone there is going to think their property values just went up 50-100%https://www.bizjournals.com/seattle/news/2020/10/18/edifecs-ceo-pays-60m-for-hunts-point-property.html
By Marc Stiles and Patti Payne – Puget Sound Business Journal
Hunts Point is abuzz over the $60 million sale of a property, which is the most ever paid for a home in Washington state.
On Thursday, King County posted the deed, which lists limited liability company S2KHP as the buyer. Neighbors and real estate sources say Edifecs Inc. CEO Gurpreet "Sunny" Singh, is the buyer. He declined to comment.
Rodney Olson, chairman of the board at Paramount Hotels, leads the LLC that is listed in public records as the seller. He also declined to comment.
In 2010, Jeff Bezos bought the La Haye estate in Medina. King County never recorded the sale price, but a real estate excise tax affidavit filed by the state shows Bezos paid $45 million.
The $60 million sale was the biggest in Hunts Point since 19 months ago when the Barney Ebsworth estate sold for $37.5 million. A key difference is that property is just over three times the size of the one Singh bought.
The news is widely known in Hunts Point and neighboring Medina and has been the talk of Overlake Country Club. Sources said Singh made no secret of the fact he was buying the property — one of two at the tip of Hunts Point.
The 1-acre property with 295 feet of waterfront wasn't on the market, but Singh really wanted it, paying well over its assessed value of $24 million. Becky Gray of Realogics Sotheby's International Realty, who brokered the $60 million sale, declined to comment.
Hunts Point residents are driving up demand by buying parcels adjacent to their homes. Steve and Connie Ballmer did that nearly a year ago. It's "the story of the Point," said luxury home broker Tere Foster of Compass.
What makes the town of 435 so appealing to billionaires is properties stretch from Hunts Point Road to the shoreline, offering total privacy, said Foster, who brokered the sale of the Ebsworth property.
Hunts Point is in the 14th wealthiest ZIP code in the region. Among the residents are cellular telephone industry pioneer Bruce McCaw, whose 4-plus-acre estate abuts the Ballmers' home to the north, and former Microsoft executive Scott Oki. Real estate developer Dave Sabey also lives in Hunts Point.
Rodney and Janice Olson built the house eight years ago. It has five baths and three bedrooms and measures 7,400 square feet.
Singh's company, Edifecs, received an infusion of money with investments from private equity firms TA Associates and Francisco Partners. Singh told the Business Journal the deal exceeded $1.5 billion and that he planned a big payoff for his 550 employees.