Los Altos Hills Estate “A Bargain” at $27 Million

A former Stanford University trustee's home is on the market for what would appear to be a bargain: $27 million.

The "actual value" of the Morgan Estate in Los Altos Hills could be closer to $50 million, according to the Palo Alto Daily News, but the 11,000 square foot Tudor mansion built in 1914 is available for anyone with the cash, as venture capitalist Kelly Porter wants to make a quick sale.

Porter first listed the estate in 2008, at $45 million. It failed to sell, so the price was slashed to $38 million. And it's still available.

Other luxury estates in the Bay Area have sold for more than $100 million.

The home, at 12335 Stonebrook Court, was modeled after an Elizabethan mansion in England by architect John H. Powers. It's two-and-a-half stories, has a ballroom, small chapel, library and two dozen other rooms.

The home was used as a school for about three decades. The current owners began an extensive, seven-year renovation project in 1999 that cost a reported $15 million.

A "Great Gatsby-themed" party was scheduled to be held at the mansion on Friday, according to reports.