Silicon Valley compound of former JetBlue chairman Joel Peterson lands on the market for $49 million
The property in Woodside, Calif., includes a reconstructed home by Bernard Maybeck, an architect known for Craftsman-style houses
Joel Peterson, the former chairman of JetBlue, is putting his sprawling Silicon Valley compound -- which includes a reconstructed home designed by noted local architect Bernard Maybeck -- on the market for $49 million.
Located in the affluent suburb of Woodside, Calif., known for its pricey estates and wealthy tech homeowners like Larry Ellison, the property is on over 11 acres, with views over the Santa Cruz Mountain range, a local wildlife preserve and a horse park. It includes two main homes, three guesthouses, a tennis pavilion, several garages, a soccer field, a tennis court, a pool and a barn that can be used as a ballroom or meeting facility, according to the listing information.
Silicon Valley compound sitting in Woodside, California. (Arthur Sharif Broker Associate, Senior Global Advisor Sotheby's International Realty)
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Mr. Peterson began assembling the compound in the early 2000s, when he bought a single home for about $6 million, according to records. Over the next few years, he added two properties on either side, one of which included a Craftsman-style house built about a century ago and designed by Mr. Maybeck, who also designed the Palace of Fine Arts in San Francisco.
The Maybeck house had fallen into disrepair and was almost unrecognizable from its original form, Mr. Peterson said. He tapped a local architect to rebuild it and salvaged an original central pavilion, which had served as the main gathering place and functioned as an indoor-outdoor entertaining space with the adjacent trellised courtyard. Taking their cues from Mr. Maybeck's original plans, they also incorporated a tower that had been originally designed but not built.
Silicon Valley compound sitting in Woodside, California. (Arthur Sharif Broker Associate, Senior Global Advisor Sotheby's International Realty)
Mr. Peterson razed one home, while the other property -- a 1950s ranch house -- was updated and brought to modern standards. He built the other guesthouses and the tennis pavilion. The main Maybeck house is about 6,000 square feet with three bedrooms, while the ranch house is 5,100 square feet with five bedrooms. The compound was completed around 2010.
Mr. Peterson's primary home is in Salt Lake City, Utah. The Woodside property has served as his home when he is in town to teach at Stanford University, where he lectures on real estate, entrepreneurship and leadership, he said. It is also a place for he, his wife and their seven adult children and their families to gather for holidays and reunions. He even once hosted a JetBlue leadership event there.
Silicon Valley compound sitting in Woodside, California. (Arthur Sharif Broker Associate, Senior Global Advisor Sotheby's International Realty)
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"Part of it is Covid," he said of his reasons for selling. " I haven't been out there now for over a year. We're not able to gather there as much."
He said he is also trying to scale back as he gets older. "You get to the closing chapters of your life, and you try to simplify."
Mr. Peterson, 74, served on the board of JetBlue Airways for more than 20 years before stepping down last year. He is also the founding partner of Peterson Partners, a Salt Lake City-based investment management firm.
Arthur Sharif of Sotheby's International Realty has the listing.