July 14, 2024
A mystery investor has bought big chunks of open space in the Palo Alto area.

PALO ALTO — A mystery investor has paid about $20 million for big chunks of hilly land in the Palo Alto area that had been owned by the late John Arrillaga, a Silicon Valley real estate legend.

The buyer operated through an affiliate called Fierce Sunrise LLC to purchase the property, according to documents filed on Aug. 23 with the Santa Clara County Recorder’s Office.

Fierce Sunrise paid about $20.7 million for eight parcels, which are along a private road called Tierra Arboles in Palo Alto, the county real estate records show.

For numerous years, the property had been owned by Arrillaga, a long-time real estate executive who during his career became one of the Bay Area’s most successful and savvy developers with a client list of tenants that read like a who’s who of Silicon Valley corporate royalty. Google and Apple were among these.

Arrillaga, whose success in real estate made him a multi-billionaire known for his philanthropy, died in January 2022 at the age of 84 after decades as a partner in Peery Arrillaga, a real estate firm that he co-founded with Richard Peery, a fellow developer and multi-billionaire.

John Arrillaga’s children, John Arrillaga Jr. and Laura Arrillaga-Andreessen, sold the property through a trust, the county documents show.

Fierce Sunrise LLC bought the property through an all-cash deal, according to the property records.

The manager of the Fierce Sunrise entity took considerable pains to remain anonymous.

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The Fierce Sunrise entity used a Page Mill Road office location in Palo Alto for its mailing address and principal place of business, state business documents show. A veteran financial planning firm that caters to Silicon Valley investors and entrepreneurs is located at the address.

A review of many property purchases in Silicon Valley shows the address is frequently used by high-net-worth real estate investors who don’t want their names known.

The just-bought property is dominated by rolling hills, trees and open spaces. It’s located just off Los Trancos Road and is west of Foothills Nature Preserve and south of Portola Vineyards.

It wasn’t immediately clear what sort of development, if any, might be allowed on the site. At least one parcel has a building improvement located on it, according to county assessment records. However, the County Assessor’s Office didn’t provide details on the nature of the structure.