In 2013, a venture-capital couple bought California land for $13.625 million, demolished the old house, built a 12,300-square-foot estate, then sold it for $56 million

In 2013, venture-capital investor Bandel Carano and his wife, Paula, bought nearly 12 acres in Portola Valley, California, for $13.625 million and later developed the property into Villa del Prato, a newly built Italian-style estate. Completed in 2021, the property includes a 12,300-square-foot main residence alongside separate entertainment and pool buildings.According to The Wall Street Journal, the estate was initially listed for $85 million in February 2025 before its asking price was reduced to $65 million. It eventually sold for $56 million on November 14, 2025, setting a record for the most expensive residential sale in Portola Valley at the time.From Shorenstein property to a new estateThe Caranos bought the land from the descendants of Walter Shorenstein, the San Francisco real-estate tycoon. The land offered something increasingly rare on the Peninsula: a large, relatively flat parcel big enough for a private compound. The estate encompasses a total of 12 acres, split up into three lots. Instead of using the old home, the new construction consisted of an estate built specifically for the project. This project was completed in approximately 2021, resulting in the creation of a main home measuring 12,300 square feet. Architecturally, it used a lot of inspiration from Italian Palladian architecture, and the estate was named "Villa del Prato," which translates to a "Country House of Meadows."The house was designed by architect Andrew Skurman, with interiors by Suzanne Tucker. It has arches, loggias, stone columns, and high ceilings to create the look of an Italian countryside villa, while the land on which it sits gives it the feel of a private compound in Silicon Valley. This combination of land and location is especially valuable in the San Francisco Bay Area, where land scarcity strongly shapes real-estate prices. A study published in the Journal of Urban Economics examined how location, topography, access to employment and land-use rules affect land prices in the region, helping explain why large Peninsula parcels can command high values.Inside the 12,300-square-foot villaVilla del Prato was meant to be not just a large building but an estate consisting of multiple buildings. The estate includes three buildings: a 12,000-square-foot main house, a 6,500-square-foot entertainment building and a 2,000-square-foot pool house. The residence comprises six bedrooms and 12 bathrooms, according to the listing of the property, with interior architecture reflecting Italian design style. One distinctive feature is a 900-square-foot dressing area that can also serve as a safe room. Another feature is a 3,500-bottle wine cellar, while the entertainment building includes a ballroom and a loggia for private events and business gatherings. The exterior is also important. Its flat 12-acre site is unusual in a neighbourhood where large parcels are hard to find.From $85 million listing to $56 million saleThe Wall Street Journal also reported that when Villa del Prato was listed in February 2025, the asking price was $85 million before it was cut to $65 million and eventually sold for $56 million in November. Its buyer is said to be a resident of San Jose who had been looking for such a property for years. The sale price was far above the Caranos’ 2013 purchase price, though the difference also reflects years of development and construction.The deal was also above the previous record of $35 million for any single-family residence in Portola Valley, which was held by the 13-acre estate of Sun Microsystems founder Scott McNealy back in 2024. Villa del Prato was an estate turned into an entirely new Italian-style compound by the Caranos, who bought the land in 2013.Catch the latest World News and Live updates. Download the TOI app.