A Slice of History: Inside the $23 Million Sale of the “Western White House”

While the world awaits the outcome of the 2024 election, another historic residence has found its owner in California’s Bay Area. This isn’t just any mansion—it’s a one-of-a-kind property inspired by the Washington D.C. White House. Designed by iconic architect Julia Morgan in 1930 at the request of George Hearst, son of media tycoon William Randolph Hearst, this Hillsborough estate was created to mirror the grandeur of America’s presidential residence. Recently, venture capitalist and Silicon Valley investor Scott Banister, along with his investment entity Willowmoss LLC, purchased this luxurious property for $23 million.

Who Is Scott Banister?

Banister might not be a household name, but his investment portfolio speaks volumes. He was the first board member and investor at PayPal and went on to support some of the most groundbreaking tech companies, including Uber, SpaceX, and Postmates. Beyond tech, Banister’s resume includes a diverse mix of ventures and personal interests, from co-founding IronPort, a high-value anti-spam company acquired by Cisco, to being a venture partner at Long Journey Ventures, which he co-founded with his wife, Cyan.

A Historic Acquisition

Through Willowmoss LLC, a company formed in 2012, Banister has been on a real estate buying spree. Just recently, the LLC scooped up not only the Hillsborough mansion—a sprawling 24,000-square-foot estate on three acres complete with a wood-paneled “Oval Office”—but also a $6.2 million Georgian-style home in San Rafael. This recent activity reflects an ongoing pattern of high-profile acquisitions by Willowmoss, which owns various properties around the Bay Area and beyond.

The Hillsborough estate first appeared on the market in June 2023 with a price tag of $38.9 million and briefly entered auction. By the time Banister purchased it, the price had dropped nearly $16 million, a considerable discount that highlights the flexibility needed in today’s luxury market. Greg Browman from Corcoran Icon represented Banister in this transaction, as well as in the recent San Rafael purchases, while the seller was represented by Alex Buljan of Compass.

A Nod to Political Legacy and Timing

George Hearst commissioned Julia Morgan to create a presidential-style home to reflect his political aspirations. The estate’s classical design and grandeur pay homage to the White House, down to features like a rose garden and cherry blossoms on the property. While the timing of this sale and the election may be a coincidence, it’s a fascinating moment to see such a historically inspired estate change hands.

Banister’s political ties only add another layer to the story. He has supported various political campaigns over the years, including Rand Paul and Ron DeSantis, and backed initiatives in Arizona and Colorado advocating for marijuana legalization. Interestingly, many of these donations share an address with Willowmoss LLC, indicating Banister’s LLC may be more than just a real estate tool—it could serve as a vehicle for political and financial influence.

Real Estate Patterns and Future Impact

In recent years, Willowmoss LLC has quietly accumulated properties, some in San Francisco’s vibrant Lower Haight and around Alamo Square, adding to Banister’s substantial portfolio. In partnership with Heather Cannon, Banister even launched another LLC in 2010, which now manages additional properties across California and in his hometown, Kansas City, Missouri. This expansive and growing portfolio of real estate assets underscores Banister’s diverse approach to investment, bridging his interests in tech, politics, and real estate.

What’s Next for the Western White House?

With the changing political landscape and ongoing market shifts in luxury real estate, it will be fascinating to see how this purchase plays into Banister’s future endeavors. His appreciation for this historic estate may signal a blend of personal interest and strategic value, as this “Western White House” is set to be one of his most notable assets in California.

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