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Asking $100 Million: The Silicon Valley Estate of The Gap Founders Don and Doris Fisher

E.B. Solomont | WSJ

The retail magnates purchased the Atherton, Calif., property for $211,000 shortly after launching the brand’s first store.

In 1975, six years after opening The Gap’s first store in San Francisco, Don and Doris Fisher spent just over $211,000 to buy a summer home about 30 miles south of the city. Now the couple’s estate, which grew over the decades, is landing on the market for $100 million.

If it sells for anywhere near its asking price, the property will set a sales record for the tiny town of Atherton, Calif., said Mary Gullixson of Compass, who is marketing the property with her son and business partner Brent Gullixson. Once a popular summer retreat, Atherton is now one of Silicon Valley’s priciest neighborhoods, and residents include former Google CEO Eric Schmidt and venture capitalist Marc Andreessen, according to property records.

Still, the most expensive property ever sold there is a roughly 12-acre estate that traded for $53 million in 2011, property records show, or just over half the cost of the new listing.

Ms. Gullixson noted that the Fishers’ property is also one of the 10 largest in Atherton. “Not since 2011 has a property of this size been transacted,” Mr. Gullixson added. “It’s just not easy to create a property like this.”

The Fishers founded The Gap in 1969, according to the company’s website. According to Ms. Gullixson, they purchased the first parcel in Atherton in a probate sale the day after Christmas.

As their retailing empire grew, so did the property. Between 1975 and 2007 the couple spent around $17.5 million assembling the property’s roughly 8 acres, Ms. Gullixson said.