Do you trust Zillow?
If the CEO of Zillow did not trust the Zestimate on his property, why should you?
Back in April, Zillow CEO Spencer Rascoff shelled out just under $20 million for a six-bedroom mansion in Brentwood. At that price point, it was one of the most expensive sales of 2016. Given that the online real estate company is headquartered in Seattle, Rascoff’s big purchase is a bit of a surprise. Even more surprising, his own company’s price estimator suggests Rascoff overpaid a bit for the nearly 13,000 square-foot home.
As The Real Deal reports, Zillow’s Zestimate for the home’s value was only $18.4 million. That’s more than a million dollars less than what Rascoff paid. Even more embarrassing, the executive’s home in Seattle recently sold $1.1 million—$650,000 under the Zestimate.
To be fair, Rascoff did turn a nice profit on his Seattle home after originally purchasing it for $768,500. Meanwhile, Redfin’s current estimate for the value of his Brentwood home is over $22 million. Trulia’s estimator seems to be a bit confused and pegs the home’s value at under $6 million.
The recently remodeled Brentwood home is situated on a half-acre lot and features a large manicured lawn, pool, spa, interior cocktail bar, theater, wine cellar, gym, and two-bedroom guesthouse. Is all that worth the $20 million price tag? We’ll leave that up to you to decide.