Nobody wants to buy this 214-room mansion in Silicon Valley that’s on sale for $36M

abmiami | August 12, 2017 | Miami Real Estate

From TRD New York: A Silicon Valley city wants to unload a historic mansion that is costing millions of dollars a year in upkeep. But nobody with pockets deep enough seems to want it.

Built in 1905, Hayes Mansion is a 214-room hotel and conference center located in San Jose, California. The city bought the private estate for $2.5 million in the early 1980s during the personal-computing boom. It wanted to make the mansion a hub for the tech industry.

But tourists and professionals coming to town for conferences never followed in the way the city had hoped, in part because Hayes Mansion sits on the outskirts of Silicon Valley. An investigation by the San Jose Mercury News found that the city has sunk more than $60 million over the last three decades in subsidizing renovations and maintenance.

San Jose put the mansion up for sale in July, after a deal to sell it for $47 million ($5 million over asking) fell through. It has since slashed the asking price to $36 million.

Take a look inside Hayes Mansion.

Hayes Mansion is an architectural gem. From above, it bears a striking resemblance to President Trump’s Mar-a-Lago estate.

Built in 1905, …read more

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