Hillsborough Man Lists $100 Million Mansion -- But He'll Live There Til He Dies

Life estate sale means wealthy buyer must wait til owner dies to move in.

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    NEWSLETTERS

    The price tag is $1 million. And you can't move in until the current owner dies. (Published Thursday, Feb 21, 2013)

    A once-in-a-lifetime property opportunity has presented itself in Hillsborough, where a $100 million mansion is up for sale.

    The San Mateo County Times reported that Christian de Guigne IV has put his 16,000-square foot home on 47.5 acres in Hillsborough on the market. The home has been in the family for 150 years and was originally built by his grandfather.

    There's a catch though. De Guigne "doesn't ever plan to leave," the newspaper reported -- including when and if he finds a buyer. 

    De Guigne, 76, wants a "life estate on the property," which means any buyer would have to wait until after he dies to move in.

    Sounds like a deal-breaker to some, but the Sotheby's real estate agent trying to sell it is not deterred.

    "That's the way all property used to trade up until the 20th century," agent Gregg Lynn told the paper.

    De Guigne appears to be selling out of financial necessity. He has never worked, and relied instead on a sizable annual payment from a trust fund, plus dividends from investments. But a costly divorce and the recession appear to have taken tolls.

    Lynn said likely suitors include Bay Area billionaires who want to establish a future estate for their families or international clients who want a presence in Silicon Valley.