Austin's most expensive home, a 9-acre lakefront estate, just sold to an unknown buyer as tech workers rush to the Texas city

Katie Warren
·2 min read
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The glass-walled home sits on the shores of Lake Austin in Texas. Getty Images/RoschetzkyIstockPhoto

A nearly 9-acre estate in Austin that was last listed for $38.9 million just sold to an unknown buyer, breaking the city's record for the most expensive home sale, V.L. Hendrickson reported for Mansion Global on Friday.

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The seven-bedroom house sold in an off-market deal to a buyer who wished to remain anonymous, the listing agent Kathryn Scarborough of Engel & Völkers Austin told Insider. Scarborough said that she could not disclose the closing price but that it was the priciest deal in the Texas city's history. In Texas, property sale prices are not in the public record.

The 8.8-acre property sits on the shores of Lake Austin, about 10 miles from downtown Austin, according to a previous listing. It includes more than 665 feet of lake frontage as well as a private lagoon, an outdoor infinity pool, and a three-story guest house that resembles a glass box and was once featured in Architectural Digest.

The glass-walled main residence is made up of two wings on either side of a central courtyard. A 1,000-square-foot great room has on both sides.

A tech rush to Austin

With an influx of tech workers during the pandemic, Austin has already been dubbed the next Silicon Valley.

Oracle is moving its headquarters to the Texas city, and Tesla is building a car factory there. Tech giants like Facebook, Google, and Apple are beefing up their office space in the growing tech hub.

And tech executives including Dropbox CEO Drew Houston and Joe Lonsdale, the Palantir cofounder and venture capitalist, have said they're moving to Austin. Tesla's Elon Musk said in December that he had moved to Texas, but he didn't specify where.

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Tech workers are trading Silicon Valley for Austin. Julia Robinson/Reuters

As Natasha Solo-Lyons recently wrote for Insider, the flood of new residents has sent Austin's real-estate market into a "frenzy" of bidding wars and skyrocketing prices.

"There are hourlong lines to get into some open houses, and multimillion-dollar mansions in posh neighborhoods are trading hands in off-market deals," Solo-Lyons wrote.

In the ZIP code of Austin's recently sold priciest home, the typical home value is more than $1.3 million - up nearly 17% from this time last year, according to Zillow.

Read the original article on Business Insider